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CA Inter Audit of Banks — practice questions — page 2

Explore 40 free Audit of Banks questions in CA Inter Auditing. Open each question or exercise to read its content, reference answers and available explanation.

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Audit of Banks questions and exercises with answers

Showing questions 31–40 of 40.

The BFS Audit Sub-Committee aims to raise which bank audits?Read the answer and worked solution →What does the RBI's Banking Ombudsman Scheme provide for?Read the answer and worked solution →Which 2007 Act gives the RBI oversight of payment systems?Read the answer and worked solution →From which date did NEFT become available 24x7?Read the answer and worked solution →A loan is generally non-performing when interest and principal are overdue by how long?Read the answer and worked solution →What is another name for a bad bank in NPL management?Read the answer and worked solution →What does securitization of NPLs involve?Read the answer and worked solution →How do non-performing loans mainly hurt a bank?Read the answer and worked solution →What was the Sovereign Gold Bond meant to reduce?Read the answer and worked solution →The RBI's main supervisory aim covers which institutions?Read the answer and worked solution →

Worked practice questions

The BFS Audit Sub-Committee aims to raise which bank audits?

  1. Tax and cost audits only
  2. Concurrent audits only
  3. Stock and stores audits
  4. Statutory and internal audits
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Correct answer: D. Statutory and internal audits

Through its Audit Sub-Committee the BFS upgrades statutory and internal audit functions in banks and financial institutions.

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What does the RBI's Banking Ombudsman Scheme provide for?

  1. Redressal of customer complaints
  2. Granting licences to new banks
  3. Setting the policy repo rate
  4. Issuing coins and currency
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Correct answer: A. Redressal of customer complaints

The scheme was formulated by the RBI to give customers a quick way to resolve complaints against banks.

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Which 2007 Act gives the RBI oversight of payment systems?

  1. Foreign Exchange Management Act
  2. Payment and Settlement Systems Act
  3. Securities Contracts Regulation Act
  4. Negotiable Instruments Act
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Correct answer: B. Payment and Settlement Systems Act

The Payment and Settlement Systems Act of 2007 gives the RBI regulation and supervision powers over payment systems.

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