Legal Terms in JAIIB LRAB: JAIIB, Junior Associate of the Indian Institute of the Bankers is a flagship course conducted by the Indian Institute of Banking and Finance(IIBF). There are 3 papers for the JAIIB Exam: PPB(Principles and Practices of Banking), AFB(Accounting and Finance for Bankers), and LRAB(Legal and Regulatory Aspects of Banking). LRAB is the 3rd paper and in this paper mainly the legal aspects are dealt with. To get command over the topics of LRAB the aspirants must be aware of the legal terms. In this article, we have discussed the various legal terms that are associated with the topics of JAIIB LRAB.
JAIIB LRAB Legal Terms
LRAB is one of the scoring papers of JAIIB and to score good marks the concepts of the topics must be crystal clear. In the topics of LRAB candidates will come through various legal terms. Some of the legal terms that will be used in the LRAB Paper of JAIIB are provided below.
- Evidence: the facts, signs, etc. that provides the proof of something being true.
- Lok Adalat: A Statutory Organization formed under the Legal Services Authorities Act, 1987. Lok Adalat is one of the alternative dispute resolution mechanism used in India. It is a forum where disputes or cases that are pending in the Panchayat, or are at a pre-litigation stage in the court of law are compromised.
- Negotiable Instrument: A signed document through which a promise is made to pay a sum of money to a specific person or assignee. Example- Cheque
- Limitation: A specific time period limited by the law after which actions, suits, or prosecutions cannot be brought in the courts.
- Ombudsman: An official who is appointed by the government and his work is to deal with the complaints (mostly made by the private citizens) against businesses, financial institutions, universities, government departments, and other public organizations. To solve the issues and conflicts they either act as a mediator or make useful recommendations.
- Enforcement: The proper execution of the process of ensuring compliance with laws, regulations, rules, standards, and social norms.
- Security: Property that is given or mortgaged to guarantee the performance of an obligation.
- Interest: Legally enforceable right to possess the entire property or a portion of it. The interest can be present, past or future.
- Registration: The process of recording a document with the help of an assigned officer and then keep the document as a public record.
- Asset: A resource that has an economic value and it is possessed by an individual, corporation or country. The assets are controlled with the expectation that in future it will provide benefit.
- Contract: A legal document which provides the evidence of formal agreement between two different people or groups.
- Sections: One of the parts into which something is divided.
- Rules and Regulations: To manage an organization or a country certain guidelines and instructions are issued which is known as Rules. They are in the form of written document. In addition to the laws in a particular country certain directives are made which is known as regulations. Rules are made by an individual or organization whereas regulations are set by the Government.
- Substantive Law: Substantive Law refers how facts and figures of each case are handled and how to penalize or ascertain damages in each case.
- Procedural Law: In Procedural Law different ways through which a case proceeds is explained.
- Public Authorities: A body or institution of the self government established under the constitution or by any other law made by the Parliament or State Legislature or through a notification issued or order made by the central or state government.
- Provisions: A clause in a legal instrument, a law, etc. that is provided for a particular matter.
- Penalty: A punishment for breaking a law, rule or contract.
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FAQs: Legal Terms in JAIIB LRAB
Q.1 What are some of the legal terms used in the LRAB Paper of JAIIB?
Ans. Some of the legal terms used in the LRAB Paper of JAIIB are Enforcement, Ombudsman, Negotiable Instrument, Limitation, Security, Interest, Asset, etc.
Q.2 What do you mean by the Legal Term Asset?
Ans. A resource that has an economic value and it is possessed by an individual, corporation or country. The assets are controlled with the expectation that in future it will provide benefit.