Banking Awareness Quiz for Bank Exams 2021- 16th May

Q1. With which of the following is SARFAESI Act 2002 related………….
(a) Recovery of bad loans
(b) Regulation of foreign exchange
(c) Fixation of interest rates
(d) Fixation of base rate
(e) None of these

Q2. What is the time period for the validity of notice of caveat?
(a)60 days from the date of lodgement
(b)180 days from the date of lodgement
(c)120 days from the date of lodgement
(d)90 days from the date of lodgement
(e) None of these

Q3. In which year SARFAESI Act has been passed?
(a) 2007
(b) 2002
(c) 2006
(d) 2009
(e) 2001

Q4. What is the purpose of Central Registry?
(a) Storehouse of information relating to securitized assets
(b) Registration of information relating to secured creditors and related borrowers
(c) Registration of transaction of securitisation and reconstruction of financial assets and creation of security interest
(d) Collection of information related to securitization cases
(e) None of these

Q5. Which of the following is not an essential ingredient to initiate action for enforcement of security under this act?
(a) The account must be classified as Non-Performing Asset
(b) The security interest must be at least Rs. 20,000
(c) There must be a default in repayment of secured debt or installment thereof
(d) There must be a security agreement in which borrower is under liability of the secured creditor
(e) None of these

Q6. Who shall be responsible for furnishing information on modification and satisfaction of security interest?
(a) Only the asset reconstruction company
(b) Only secured creditor
(c) Asset Reconstruction Company or secured creditor
(d) Borrower or secured creditor
(e) None of these

Q7. Taking over of the management of business of a borrower by an asset reconstruction company falls under……
(a) Section 8(a)
(b) Section 9(a)
(c) Section 15
(d) Section 9(b)
(e) None of these

Q8. In case of appeal by the borrower, what is the amount to be deposited with the Appellate Tribunal?
(a) Fifty percent of the amount of debt due
(b) Sixty percent of the amount of debt due
(c) Ninety percent of the amount of debt due
(d) Thirty percent of the amount of debt due
(e)None of these

Q9. What is the time limit within which the secured creditor can initiate an action for enforcement of security?
(a) If the liability is not discharged within 30 days of receipt of notice from the secured creditor
(b) If the liability is not discharged within 90 days of receipt of notice from the secured creditor
(c) If the liability is not discharged within 120 days of receipt of notice from the secured creditor
(d) If the liability is not discharged within 60 days of receipt of notice from the secured creditor
(e) None of these

Q10. Expand the term SARFAESI Act………….
(a)Securitisation and Regeneration of Financial Assets and Enforcement of Security Interest Act
(b) Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act
(c)Securitisation and Reconstruction of Financial Assets and Enactment of Security Interest Act
(d)Securitisation and Reconstruction of Future Assets and Enforcement of Security Interest Act
(e)None of these

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Solutions

S1.Ans.(a)
Sol. SARFAESI Act 2002 is related to recovery of bad loans.

S2.Ans.(d)
Sol. As provided by the section in clause 5, the caveat stays in force for a period of 90 days. If within these 90 days an application is filed, then the court, as well as the applicant, has to give notice to the caveator.

S3.Ans.(b)
Sol. The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (also known as the SARFAESI Act) is an Indian law. It allows banks and other financial institution to auction residential or commercial properties (of Defaulter) to recover loans.

S4.Ans.(c)
Sol. The object of the company is to maintain and operate a Registration System for the purpose of registration of transactions of securitisation, asset reconstruction of financial assets and creation of security interest over property.

S5.Ans.(b)
Sol. The security interest must be at least Rs. 20,000, is not an essential ingredient to initiate action for enforcement of security under this act.

S6.Ans.(c)
Sol. Asset Reconstruction Company or secured creditor shall be responsible for furnishing information on modification and satisfaction of security interest.

S7.Ans.(b)
Sol. Taking over of the management of business of a borrower by an asset reconstruction company falls under Section 9(a).

S8.Ans.(a)
Sol. In case of appeal by the borrower, Fifty percent of the amount of debt due is the amount to be deposited with the Appellate Tribunal.

S9.Ans.(d)
Sol. The time limit is 60 days within which the secured creditor can initiate an action for enforcement of security.

S10.Ans.(b)
Sol. SARFAESI- Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act

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