Attempt CAIIB BRBL Module C Practice Quiz and Download PDF

1. Under the RBI – Integrated Ombudsman Scheme, 2021, who is the appointing authority for the Ombudsman?

2. The Centralized Receipt and Processing Centre (CRPC) under the RBI Integrated Ombudsman Scheme is located at:

3. Which of the following entities is NOT covered under the RBI Integrated Ombudsman Scheme, 2021?

1. Scheduled Commercial Banks
2. NBFCs (deposit-taking)
3. Payment System Participants
4. Insurance Companies

4. Under the RBI Integrated Ombudsman Scheme, 2021, an award passed by the Ombudsman is binding on the regulated entity if the complainant:

5. The maximum compensation that can be awarded by the Ombudsman under the RBI Integrated Ombudsman Scheme, 2021 for loss suffered by the complainant is:

6. A complainant must first approach the regulated entity with a complaint. If the entity does not reply within how many days, the complainant can approach the Ombudsman?

7. Under the RBI Integrated Ombudsman Scheme, 2021, which of the following is a ground for rejection of a complaint at the initial scrutiny stage?

1. Complaint is frivolous or vexatious
2. Complainant has not suffered loss
3. Complaint pertains to the same subject matter decided in earlier proceedings
4. Complaint is about a matter prior to 1 year

8. Appeals against the award of the Ombudsman under the RBI Integrated Ombudsman Scheme, 2021 lie with:

9. Case Scenario: Mr. Ramesh filed a complaint against his bank for wrongly debiting his account. The bank did not respond within the stipulated time. He approached the Ombudsman who passed an award of Rs. 15 lakh in his favour. The bank refused to comply. Which of the following is correct?

1. The award is not binding since the bank refused.
2. The bank must comply only if the complainant accepts the award within 30 days.
3. The bank can appeal to the Appellate Authority of RBI.
4. The bank can approach a civil court to stay the award.

10. Under the RBI Integrated Ombudsman Scheme, 2021, the scheme can be suspended temporarily by:

11. Under the MSME Development Act, 2006, what is the classification for a medium enterprise based on investment and turnover (as per 2020 amendment)?

12. The MSME Facilitation Council under the MSME Development Act, 2006 can resolve disputes regarding delayed payments through:

13. Under the MSME Act, 2006, buyers are required to make payment to micro and small enterprises within:

14. What rate of interest is payable on delayed payments to micro and small enterprises under the MSME Act, 2006?

15. The National Board for Micro, Small and Medium Enterprises under the MSME Development Act, 2006 is chaired by:

16. Case Scenario: ABC Traders, a micro enterprise, supplied goods worth Rs. 5 lakh to XYZ Ltd. on 1st January. There was no written agreement on payment terms. XYZ Ltd. did not pay for 60 days. Which of the following statements are correct?

1. Payment was due within 15 days as there was no agreement.
2. XYZ Ltd. is liable to pay compound interest at three times the bank rate.
3. ABC Traders can approach the MSME Facilitation Council.
4. The dispute must be resolved through civil court only.

17. Under the MSME Act, 2006, enterprises must register through the:

18. Interest disallowance under income tax for buyers who fail to pay MSMEs on time is governed by which section of the Income Tax Act?

19. Which of the following statements about the MSME Facilitation Council is TRUE?

1. It can act as an arbitrator in disputes relating to delayed payments.
2. It has jurisdiction over both micro and small enterprises.
3. Medium enterprises are also covered for delayed payment disputes.
4. The Council’s decision is subject to appeal before the High Court.

20. Under the MSME Act, which of the following disclosure requirements applies to buyers?