Class 11 Finance Important Chapter 12 Bank Customer and Banking Ombudsman

Class 11 Finance Important Chapter 12 Bank Customer and Banking Ombudsman Solutions English Medium As Per AHSEC New Syllabus to each chapter is provided in the list so that you can easily browse through different chapters ASSEB Class 11 Finance Important Solutions and select need one. AHSEC Class 11 Finance Additional Notes English Medium Download PDF. HS 1st Year Finance Important Solutions in English.

Class 11 Finance Important Chapter 12 Bank Customer and Banking Ombudsman

Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. ASSEB Class 11 Banking Additional Question Answer are part of All Subject Solutions. Here we have given HS 1st Year Banking Important Notes in English for All Chapters, You can practice these here.

Bank Customer and Banking Ombudsman

Chapter: 12

IMPORTANT QUESTION AND ANSWER

Answer the Following Question:

1. Who is considered a bank customer?

Ans: A person or institution who opens an account in a bank and transacts regularly with it is considered a bank customer.

2. What are the two conditions to be a bank customer?

Ans: (i) There should be regular transactions between the bank and the person. 

(ii) The transactions should be of banking nature.

3. What precautions should banks take while opening an account for a minor?

Ans: Banks should open savings accounts for minors, record the date of birth, ensure the account is operated by a guardian, and pay deposits to the minor or guardian in case of death of either party.

4. How do banks handle accounts for illiterate customers?

Ans: Banks obtain thumb impressions, identify physical marks, and take photographs. Withdrawal requires thumb impression or authorization with witnesses.

5. What is a joint account?

Ans: A bank account opened by two or more persons who can operate it jointly or individually as per agreed instructions.

6. What documents are required when opening an account for a partnership firm?

Ans: Partnership deed, application signed by partners, authorization letter specifying partners authorized to operate the account, and specimen signatures of all partners.

7. What are the key documents a bank examines when opening a company account?

Ans: Certificate of incorporation, certificate of commencement, memorandum of association, articles of association, and copies of annual accounts.

8. What is the role of the Banking Ombudsman?

Ans: To receive and resolve customer complaints regarding banking services and facilitate settlement through recommendations or awards.

9. What complaints fall under the Banking Ombudsman’s authority?

Ans: Delays in payments, non-acceptance of notes, failure to issue drafts, unauthorized withdrawals, complaints from exporters, and issues with loan sanctioning.

10. What qualifications are needed for a Banking Ombudsman?

Ans: The Ombudsman should be a person of high standing in legal, banking, financial services, or public administration sectors.

Fill in the Blanks:

1. A minor is a person who has not attained the age of ______ years.

Ans: 18.

2. The Banking Ombudsman Scheme was introduced in India in the year ______.

Ans: 1995.

3. The certificate of incorporation is issued by the ______ of Companies.

Ans: Registrar.

4. In a joint account, the balance is payable to the ______ on the death of other account holders.

Ans: Survivor.

5. The Banking Ombudsman is appointed by the ______.

Ans: Reserve Bank of India.