NBFC related MCQ for RBI grade B (Finance)

Dear aspirants,
We are presenting you the NBFC related MCQ for RBI Grade B Finance Section of the exam.These questions will cover the topics such as NBFC, FATCA etc which are very important from exam point of view. Also do read the answers provided at the end of quiz.

Q1. Recently RBI came up guidelines to incorporate the Name of the Purchaser on the Face of the Demand Draft. These instructions are applicable on instruments issued on or after ________?

1. 1^st September, 2018
2. 15^th September, 2018
3. 1^st January 2019
4. 1^st April 2019

Q2. Within how many working days, the customer has to notify the bank regarding the unauthorised transaction so that there is zero liability of customer?

1. One
2. Two
3. Three
4. Four

Q3. The Foreign Account Tax Compliance Act (FATCA) is related to citizens of which country?

1. USA
2. India
3. UK
4. Australia

Q4. Consider the following statements regarding Ombudsman Scheme for NBFC:
a) Section 45L of the RBI Act, 1934 confers powers on RBI to notify such scheme
b) NBFCs having customer interface, with assets size of one billion rupees or above are eligible to be covered under the scheme
c) The scheme is initially being introduced at the four metro centers
d) All NBFCs are covered under the scheme
Choose the correct answer from the following options:

1. Only a and c
2. Only a, c and d
3. Only a, b and c
4. All are correct

Q5. Which among the following does not have Ombudsman office for NBFC?

1. Mumbai
2. New Delhi
3. Kolkata
4. Hyderabad

Q6. Under the Ombudsman scheme for NBFC, who is the appellate authority for handling the complaints?

1. Chief General Manager, RBI
2. Deputy Governor
3. Finance Secretary
4. Any Judge of Supreme Court

Q7. Which among the following NBFC are not excluded from the Ombudsman scheme for NBFC?

1. Deposit accepting NBFCs
2. NBFC-IFC
3. Core Investment Company (CIC)
4. IDF-NBFC

Q8. What is the maximum amount of award that can be passed by Ombudsman for NBFC?

1. Rs 20 lakh
2. Rs 15 lakh
3. Rs 10 lakh
4. Rs 5 lakh

Q9. Under NBFC– Peer to Peer Lending Platform Directions, 2017 by RBI, what is the aggregate exposure limit of a single lender to all borrowers at any point of time, across all P2Ps?

1. Rs 5 lakh
2. Rs 10 lakh
3. Rs 15 lakh
4. Rs 20 lakh

Q10. Under NBFC– Peer to Peer Lending Platform Directions, 2017 by RBI, what is the aggregate loan limit of a single borrower at any point of time, across all P2Ps?

1. Rs 5 lakh
2. Rs 10 lakh
3. Rs 15 lakh
4. Rs 20 lakh

Answers

1. 2
   In order to address the concerns arising out of the anonymity provided by payments through demand drafts and its possible misuse for money laundering, it has been decided that the name of the purchaser be incorporated on the face of the demand draft, pay order, banker’s cheque, etc., by the issuing bank for instruments issued on or after September 15, 2018
2. 3
3. 1
   The Foreign Account Tax Compliance Act is a 2010 United States federal law requiring all non-U.S. financial institutions to search their records for customers with indicia of ‘U.S.-person’ status. Read the article on FATCA for complete details
4. 3
   Refer to the article on Ombudsman scheme for NBFC
5. 4
   The Ombudsman scheme for NBFC is initially being introduced at the four metro centers viz. Chennai, Kolkata, Mumbai and New Delhi
6. 2
   The Deputy Governor-in-Charge of the Department of the Reserve Bank implementing the Scheme will be appellate authority.
7. 1
   The following NBFCs are excluded from the ambit of the Scheme: Non-banking Financial Company – Infrastructure Finance Company (NBFC-IFC), Core Investment Company (CIC), Infrastructure Debt Fund – Non-banking Financial Company (IDF-NBFC) and NBFC under liquidation
8. 3
   The power to pass an Award directing payment of an amount which is more than the actual loss suffered by the complainant as a direct consequence of the act of omission or commission of the NBFC, or Ten lakh rupees whichever is lower
9. 2
   The aggregate exposure of a lender to all borrowers at any point of time, across all P2Ps is subjected to a cap of Rs 10,00,000/-
10. 2
    The aggregate loans taken by a borrower at any point of time, across all P2Ps is subjected to a cap of Rs 10,00,000/-

You may also like to read following MCQs for RBI Grade B exam: 

• Economic Survey of India MCQ
• Public Credit Registry MCQ
• Sovereign Gold Bond Scheme MCQ
• Banking MCQ

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