MCQ on JAIIB
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As we discussed in our previous post that JAIIB stands for Junior Associate of Indian Institute of Bankers which is a certificate exam specifically designed for Bankers and Finance professionals. IIBF (Indian Institute of Banking and Finance) is conducting this certificate examination bi-annually.

In order to get JAIIB certification, you have to get minimum required marks in the following FOUR papers.

  1. Indian Economy & Indian Financial System.
  2. Principles & Practices of Banking.
  3. Accounting & Financial Management for Bankers.
  4. Retail Banking & Wealth Management.

Multiple Choice Questions (MCQ) on JAIIB – Part 2

In this case, we have compiled some the important Multiple Choice Questions (MCQ) on the JAIIB papers. It will be useful for the candidates who specifically prepare for JAIIB certification.

Many times, banks do not take revival letters and the debts concerned become time-barred. Here the underlying contract can say to have become:

  • a) Unenforceable
  • b) Unlawful
  • c)Illegal
  • d) Bad

As per Indian Contract Act 1872, consideration can be:

  • a) Past
  • b) Present
  • c) Future
  • d) Any of the above

Essential features of Bailment are __________________:

  • a) Contract
  • b) Delivery of possession
  • c) Purpose /return of specific goods
  • d) All of the above

What is the Limitation period in case of redemption in Mortgage?

  • a) 3 years
  • b) 12 years
  • c) 30 years
  • d) No

What is the Limitation period for a right of fore closure of Mortgage?

  • a) 30 years
  • b) 12 years
  • c) 15 years
  • d) No limit

The Limitation period for filing a complaint before Ombudsman:

  • a) One year from the date of complaint
  • b) One year if the bank has rejected the complaint or reply of the bank is not satisfactory. In case no reply is received from the bank, then it is one year and one month.
  • c) Three years from the cause of action
  • d) No limitation period
  • e) Any time after taking the permission for RBI

Banking Companies cannot hold immoveable property except for their own use for a period of not more than _______________ years from the date of acquisition of the property:

  • a) 2
  • b) 4
  • c) 5
  • d) 7

Banking Ombudsman scheme is applicable to the business of:

  • a) All scheduled commercial banks excluding RRBs
  • b) All scheduled commercial banks including RRBs
  • c) Only Public Sector Banks
  • d) All banking companies

A Contract may be _______________________________:

  • a) Absolute
  • b) Contingent
  • c) Cumulative
  • d) Both a & b

The most common way of appointing an Agent is by way of:

  • a) Power of attorney
  • b) Indemnity bond
  • c) Guarantee bond
  • d) Any of the above

A Surety is said to be discharged when his liability comes to an end. The various modes of discharge are by __________________________:

  • a) Revocation
  • b) Conduct of the creditor
  • c) Invalidation of the contract
  • d) All of the above

MCQ on JAIIB – Part 2

All Pledge contracts are _______________ but all Bailment contracts are not ______________:

  • a) Hypothecations, hypothecations
  • b) Bailment’s, pledges
  • c) Gratuitous, gratuitous
  • d) b & c

Acts which are of Ultra-vires__________________________:

  • a) Are void
  • b) Lead to the directors becoming personally liable
  • c) Cannot be ratified
  • d) All of the above

The implied authority of a partner does not include

  • a) Receiving payments of debt due to firm and issuing receipt
  • b) Opening a bank account on behalf of firm in his own name
  • c) Borrowing money on firm’s credit even by pledging firm’s assets
  • d) Rendering accounts to the creditors

In case of sudden demise of the whole time chairman or the managing director, temporary arrangement can be made to carry out his duties for a maximum period of _____________ subject to approval of the RBI.

  • a) For the remaining terms
  • b) 4 months
  • c) 6 months
  • d) 5 years
  • e) 8 years

The Public sector banks, namely State Bank, the nationalized banks and the regional rural banks are statutory corporations (or body corporate) established _____________________:

  • a) Under special statues
  • b) As banking Companies
  • c) Under BR Act 1934
  • d) a & c.

Acceptance is not required in the case of:

  • a) Usance bill of exchange
  • b) Demand bill of exchange
  • c) Both of these
  • d) None of these

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