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Question 1 of 20
1. Question
In the context of stale cheque, which option is the most accurate?
Correct
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 2 of 20
2. Question
During an audit, a reviewer checks the branch‘s handling of stale cheque. Which practice is compliant?
Correct
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 3 of 20
3. Question
Which of the following is the soundest operational approach to stale cheque?
Correct
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 4 of 20
4. Question
A transaction raises a question concerning stale cheque. Which principle should guide the bank?
Correct
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 5 of 20
5. Question
Which statement about stale cheque is correct?
Correct
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Generally three months from the date of the cheque. RBI reduced cheque validity to three months; banks should follow current instructions. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 6 of 20
6. Question
A customer visits a branch with a request relating to post-dated cheque. Which response is appropriate?
Correct
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 7 of 20
7. Question
A JAIIB candidate is asked about post-dated cheque. Which answer should be selected?
Correct
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 8 of 20
8. Question
A new officer must apply the rules for post-dated cheque. Which action is correct?
Correct
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 9 of 20
9. Question
A bank must handle a case involving post-dated cheque. What should it do?
Correct
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 10 of 20
10. Question
Which option best describes the rule an officer should apply to post-dated cheque?
Correct
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Do not pay it before the date written on it. The future date is material to when the cheque may be presented for payment. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 11 of 20
11. Question
In the context of material alteration, which option is the most accurate?
Correct
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 12 of 20
12. Question
During an audit, a reviewer checks the branch‘s handling of material alteration. Which practice is compliant?
Correct
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 13 of 20
13. Question
Which of the following is the soundest operational approach to material alteration?
Correct
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 14 of 20
14. Question
A transaction raises a question concerning material alteration. Which principle should guide the bank?
Correct
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 15 of 20
15. Question
Which statement about material alteration is correct?
Correct
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Check whether the alteration is authorised and properly authenticated. Material alterations must be scrutinised because they can affect the instrument‘s validity. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 16 of 20
16. Question
A customer visits a branch with a request relating to stop payment. Which response is appropriate?
Correct
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 17 of 20
17. Question
A JAIIB candidate is asked about stop payment. Which answer should be selected?
Correct
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 18 of 20
18. Question
A new officer must apply the rules for stop payment. Which action is correct?
Correct
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 19 of 20
19. Question
A bank must handle a case involving stop payment. What should it do?
Correct
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
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Question 20 of 20
20. Question
Which option best describes the rule an officer should apply to stop payment?
Correct
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Incorrect
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.
Unattempted
Correct answer: Record and act on the instruction if received in time under applicable rules. A timely stop instruction can prevent payment, but cannot undo a payment already completed in every case. The other options are incorrect because they conflict with this rule or omit required verification, legal authority, customer protection, or operational controls. In practice, the officer should also check the applicable current RBI directions, relevant legislation and the bank‘s latest approved procedure.