Indian Contract Act | Important provisions relating to Guarantors | IMPORTANT STUDY MATERIAL FOR JAIIB LRAB 2022

Indian Contract Act, 1872

The Indian Contract Act, 1872 prescribes the law relating to contracts in India. The Act was passed by British India and is based on the principles of English Common Law. It is applicable to all the states of India except the state of Jammu and Kashmir. It determines the circumstances in which promises made by the parties to a contract shall be legally binding and the enforcement of these rights and duties.

In the video below, Mr. Ashish Jain will explain 10 important sections of Indian Contract Act, 1872 containing provisions relating to Guarantors as in Legal and regulatory aspects of Banking JAIIB in each. You can take note of these important questions. #learningsessions

You must go through the given videos to grasp the LRAB concepts soundly. They will help immensely in understanding the questions and the topics that fall under them to clearly understand them too. These videos cover LRAB Study Material 2022 as the proper explanations are given in the video too of the answers of the Questions.

Other than that, we will also provide you the MCQs for Legal & Regulatory Aspects of Banking (LRAB) paper along with the Video Sets.

JAIIB LRAB IMPORTANT QUESTIONS – PART 1

1 Q. As per the lending policy, repayment of term loan is generally given upto what period?
a. 5 years
b. 21 years
c. 10 years
d. 7 year

JAIIB LRAB IMPORTANT QUESTIONS – PART 2

2 Q. For which of the below circumstances the security cannot be enforced?
a. In case it is an Agricultural Land.
b. When the amount due < Rs. 1,00,000.00
c. When the Borrower has repaid > 80% of the principle amount and interest amount.
d. All of the above.

JAIIB LRAB IMPORTANT QUESTIONS – PART 3

Q 3: What are the qualifications / eligibility criteria that are required to be appointed as the member of the Consumer dispute redressal forum or commission?

(i) be not < 35 years of age,

(ii) possess a bachelor’s degree from a recognised university,

(iii) be persons of ability, integrity & standing

a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. all of the above

JAIIB LRAB IMPORTANT QUESTIONS – PART 4

Q 4: If the cash balance with RBI is < required CRR balance, bank is required to pay penalty because of the amount of shortfall for that day at the rate of _________ and if default continues next day also then at the rate of _________.
a. Bank Rate, Bank Rate + 1%
b. Bank Rate + 1% and Bank Rate + 3%
c. Bank rate + 2% and Bank rate + 4%
d. Bank Rate + 3% and Bank Rate + 5%

JAIIB LRAB IMPORTANT QUESTIONS – PART 5

Q 5. What are the obligations of public authorities under RTI Act, 2005?

(i) It shall publish the powers & duties of officers and employees employed for the administration of RTI Act,

(ii) It shall publish the procedure required to be followed in its decision making process, including channels of supervision & accountability,

(iii) It shall publish the rules, regulations, instructions, manuals & records which are used by its employees for discharging the functions of the Act.

a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. all of the options

JAIIB SYLLABUS PRIORITY

JAIIB LRAB IMPORTANT QUESTIONS – PART 6

Q 6. If a Public Information Officer (PIO) reasonably cut off the non-exempted portions of a record from the exempted ones, and partially provides information to an applicant, they have to____________.

(i) Give the name and designation of the person who has taken the decision,

(ii) Reasons for this decision,

(iii) Details of fees the applicant may have to pay

a. Only (i) & (ii)
b. Only (i) & (iii)
c. Only (ii) & (iii)
d. (i), (ii) & (iii)

JAIIB LRAB IMPORTANT QUESTIONS – PART 7

Q 7. A person who is passing through legal disability can file suit & make application within what period?
a. Within limitation period
b. Out of limitation period
c. Courts can accept the application on its discretion
d. none of the above

JAIIB LRAB IMPORTANT QUESTIONS – PART 8

Q 8. For increasing liquidity in the system, which of the below steps RBI takes?
a. increase the CRR
b. increase the SLR
c. decrease the CRR
d. increase the Repo rate

JAIIB LRAB IMPORTANT QUESTIONS – PART 9

Q 9. In respect of what are the Quarterly on-site visits are undertaken?

a. all banks

b. newly licensed banks during first year

c. urban co-operative banks

d. None of these

JAIIB PREVIOUS YEAR QUESTIONS

Q. 10. Who can issue an order for winding up a banking company?

a. High Court
b. RBI
c. Central Government
d. None of the above

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