LRAB QUESTION PDF:- As the JAIIB 2022 Exams are here & the LRAB paper i.e Legal & Regulatory Aspects of Banking is due on 20th of november 2022 for the NOV 2022 papers. So, we here are bringing you a set of important questions that you should go through as LRAB revision to help you clear the JAIIB exam this NOV 2022!!

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Go through the below given multiple-choice questions once. JAIIB IMPORTANT QUESTIONS FOR JAIIB EXAMS 2022 PDF: 

No. Law Questions for JAIIB 2022 Answer
1 What are the features of the award that is awarded by the banking ombudsman?

a. it is binding on the banks

b. it is not binding on the complainants unless they accept it

c. the complainants are free to seed alternative remedies which are available under general law

d. all of the above statements are correct

2 Which of the following statements is/are right?

a. the qualified investors would be paid from the amounts received from the realization of Financial Assets.

b. Any dispute b/w Bank Securitization Company & qualified institutional investors will be settled through the process of arbitration.

c. The lending co. sells its loans to the investors through Special Purpose Vehicle (SPV).

d. All of the above statements are correct.

3 A retiring partner has the right to carry on a business competing with that of the firm, but he is restricted to do what of the following?

(i) Use firm’s name,

(ii) Represent himself to be a partner, 

(iii) Solicit firm’s existing customers

a. Only (i) & (ii)

b. Only (i) & (iii)

c. Only (ii) & (iii)

d. (i), (ii) & (iii)

4 A person who is passing through legal disability can file suit & can make an application __________.

a. Within the period of limitation

b. Out of the period of limitation

c. Depending upon courts discretion to permit such a litigant to do so

d. none of the above statements

5 Under Section 37 of the Banking Regulation Act, what is the maximum period of time within which a moratorium order can be issued by the High Court?

a. 1 month

b. 6 months

c. 1 year

d. None of the above

6 What is the responsibility of advising banks?

a. to inform the issuing bank as to whom the letter of credit is to be issued.

b. to advise the buyer of the dispatch of documents by the seller

c. to inform the beneficiary or the seller about the LC: letter of credit 

d. None of the above

7 From the following who is not included in the definition of a consumer?

a. anyone who uses goods or gets benefits from the services without making any payment in consideration.

b. any person who buys goods for resale or for commercial purposes.

c. persons who are allotted plots or houses by housing development boards.

d. a person who hires any services by paying the consideration.

8 With whom the right to receive payment under a letter of credit (LC) or the right to draw bills on a Letter of Credit is vested in?

a. the opener of the LC

b. only the issuing Bank of LC 

c. only the Buyer of LC

d. all the 3 parties

9 Under whose chairmanship is the FSDC Sub-committee has been set up?

a. Governor of RBI

b. Finance Minister of India 

c. Commerce Minister of India

d. None of the above

10 If the banking licence of a company gets cancelled, to whom the appeal can be made to and within what time period from the date of order rejecting the licence it can be made?

a. High Court, within 30 days

b. Supreme Court, within 30 days

c. Central Govt., within 30 days

d. Central Govt., within 60 days

11 Who appoints the Chairman of the State Bank of India after consultation with the Reserve Bank of India?

a. the Central Board

b. Banking Services Recruitment Board

c. Central Government

d. None of the above

12 What is the subject matter of the Transfer of Property Act or what does the Acts provisions relate to?

a. Moveable property and goods

b. Immovable property

c. Either a or b

d. None of the above

13 On which of the following aspects, Reserve Bank of India doesn’t have the authority as far as banks are concerned?

A. Collection & dissemination of credit information

B. Moratorium, amalgamation, and winding up of banks

C. Imposition of penalties

d. None of the above

14 The credit-control methods which are adopted by RBI includes which of the following options?

(i) Quantitative control, 

(ii) Qualitative control,

(iii) Fixed control

a. Only (i) & (ii)

b. Only (i) & (iii)

c. Only (ii) & (iii)

d. (i), (ii) & (iii)

15 Which of the following commodities are presently included under stipulations of Selective Credit Control?

a. major oil seeds & oils thereof 

b. food grains i.e pulses & cereals

c. Buffer stock and unreleased stocks of sugar lying with sugar Mills

d. None of the above

16 Which one of the following statements, is/are correct in relation to the consumer protection act?

a. the act extends to the whole of India except Jammu & Kashmir.

b. the act applies all goods & services except those that are notified by the central government

c. the act is called the consumer protection act, 1986.

d. all the above

17 What kind of goods are yet to be manufactured or produced or acquired by the seller after the contract of sale?

a) Future

b) Moveable

c) Specific 

d) Immoveable

18 Which of the following is correct in regard to freedom to banks in respect of the Loan Delivery System?

a. Banks can raise the cash credit component beyond 20% but only up to a maximum of 50%.

b. Banks can raise the ‘Loan Component’ beyond 80% but up to a maximum of 90% 

c. Banks can raise the Loan component or cash credit component as they desire.

d. Both a & b only

19 Which of the following statement is right about consortium financing by banks?

a. Minimum no. of consortium members should be 2 while the maximum no. should be 4.

b. Every bank will have the same asset classification

c. The minimum share of a bank in the consortium financing should be 10%

d. The banks will have a pari passu charge on the securities that are charged to them.

20 Rates that are applied for a foreign exchange transaction that involves conversion of currency immediately is known by what name?

a. ready rate

b. forward rate

c. merchant rate

d. long rate




As the PPB & LRAB exams have been postponed by the IIBF as notified on 04-01-2022, this is an opportunity for those who hadn’t really prepared for the JAIIB 2022 June Exams. Now, as the PPB & AFB papers are done with the LRAB paper is due on notified dates (Note: LRAB is scheduled on : 19-06-2022 until further notification is issued in this regard).

You can prepare through Learning Sessions study material for the LRAB paper as well as other papers of 2022 JAIIB. We have materials for individual papers as well as combo packs that you can browse on our website or through our android app.

Right now, Learning Sessions is offering special Exam Discount from 80% OFF on most of its listed packs by using the Code: EXAMS. You can take this opportunity & start preparing by paying the most reasonable fees for JAIIB 2022 material.


Learning Sessions LRAB Video Material for the JAIIB  2022 will contain:

  • LRAB of Banking Videos
  • Recordings of LRAB Live Videos
  • Questions on LRAB
  • EPDFs
  • Language:
  • English
  • English mix Hindi

The lectures are prepared as per the latest Syllabus of IIBF & are arranged chapterwise for the LRAB 2022 Exams which can be access using mobile or Laptop. 

You can even access the free Mock Tests on LRAB & other IIBF exams as well by signing up on our website.

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