One of the major challenges banking industry is facing these days is money laundering. Which of the following acts/ norms are launched by the banks to prevent money laundering in general?
Whenever some people wish to enter into the business world, it is a must for them to approach a bank. What services do banks provide them in this regard?
I. Banks act as payment agents by operating current accounts, paying cheques and receiving payments for them.
II. Maintaining account books for them for their day-to-day activities, so that they are not required to appoint account/finance personnel on a regular basis.
III. Lending money by way of overdraft, instalment loan, credit or advance for business activities.
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The legal relationship between a bank and its customer is a kind of
I. debtor and creditor.
II. principal and agent.
III. pledger and pledgee.
IV. mortgagor and mortgage.
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Many times, we hear about the 'Banking Ombudsman'. What is/are the major roles of same?
I. Banking Ombudsman is a quasi-judicial authority having powers to summon, the banks and the customers both in case of dispute.
II. The Banking Ombudsman are appointed by the President of India and are retired judges of the High or Supreme Courts.
III. The decisions/judgements given by the Banking Ombudsman cannot be taken to any court of justice as their decisions are last in case of bank related problems disputes.
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