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Banking Awareness Quiz – Set 91

By
Aruna
-

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Hello Aspirants,
Welcome to Banking Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important questions which are common for all the bank exams and other competitive exams.

  1. What is the full form of CERSAI?
    A. Combined Registry of Securitisation Asset Reconstruction and Security Interest
    B. Central Registry of Securitisation Agency Reconstruction and Security Interest
    C. Combined Registry of Securitisation Agency Reconstruction and Security Interest
    D. Central Registry of Securitisation Asset Reconstruction and Security Interest
    E. None of these
    D. Central Registry of Securitisation Asset Reconstruction and Security Interest
    Explanation:
    Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI) is a central online security interest registry of India. It was primarily created to check frauds in lending against equitable mortgages, in which people would take multiple loans on the same asset from different banks.

  2. The headquarters of CERSAI located in ________
    A. Mumbai
    B. New Delhi
    C. Hyderabad
    D. Gurugram
    E. None of these
    B. New Delhi
    Explanation:
    The headquarters of Central Registry of Securitisation Asset Reconstruction and Security Interest(CERSAI) located in New Delhi.

  3. CERSAI was registered as a government-licensed company, under section 25 of _________
    A. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
    B. Companies Act, 1956
    C. Banking Regulation Act, 1949
    D. Both (A) and (B)
    E. None of these
    B. Companies Act, 1956
    Explanation:
    Central Registry of Securitisation Asset Reconstruction and Security Interest of India is a company licensed under section 25 of the Companies Act, 1956

  4. CERSAI incorporated with majority share holding of ________
    A. Government of India
    B. National Housing Bank
    C. Public Sector Banks
    D. Both (B) and (C)
    E. (A), (C) and (B)
    A. Government of India
    Explanation:
    51% of the equity is owned by the government, and the rest is owned equally by National Housing Bank and 10 other public sector banks.

  5. Which of the following is/are share holders of CERSAI?
    A. GOI
    B. RBI
    C. PSBs
    D. NHB
    E. (A), (C) and (D)
    E. (A), (C) and (D)
    Explanation:
    The Company is a Government Company with a shareholding of 51% by the Central Government and select Public Sector Banks and the National Housing Bank are also shareholders of the Company.

  6. Financial institutions must register details of security interests created by them with CERSAI within howmany days of its creation?
    A. 30
    B. 60
    C. 15
    D. 90
    E. None of these
    A. 30
    Explanation:
    Financial institutions must register details of security interests created by them with CERSAI within 30 days of its creation.

  7. Which of the following is/are provided by the platform of CERSAI?
    A. Registrations of transactions of securitisation
    B. Asset Reconstruction
    C. Security Interest
    D. All of the Above
    E. None of these
    D. All of the Above
    Explanation:
    The Company is providing the platform for filing registrations of transactions of securitisation, asset reconstruction and security interest by the banks and financial institutions.

  8. Which of the following defines the objectives of CERSAI?
    A. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
    B. Companies Act, 1956
    C. Banking Regulation Act, 1949
    D. Both (A) and (B)
    E. None of these
    A. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
    Explanation:
    The object of the company is to maintain and operate a Registration System for the purpose of registration of transactions of securitisation, asset reconstruction of financial assets and creation of security interest over property, as contemplated under Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (SARFAESI Act).

  9. According to _________, Any person can also search and inspect the records maintained by the Registry on payment of fees.
    A. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
    B. Companies Act, 1956
    C. Both (A) and (B)
    D. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011
    E. None of these
    D. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011
    Explanation:
    Any person can also search and inspect the records maintained by the Registry on payment of fees prescribed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011.
    For the general public, especially for home buyers, it enables them to check the registry’s records to ensure that any property they are planning to purchase, is free of any loan/security interest created by a lender.

  10. Which of the following is/are functions of CERSAI?
    A. check frauds in lending against equitable mortgages
    B. maintains a central registry of equitable mortgages
    C. Provides loan
    D. Both (A) and (B)
    E. None of these
    D. Both (A) and (B)
    Explanation:
    CERSAI was primarily created to check frauds in lending against equitable mortgages, in which people would take multiple loans on the same asset from different banks. CERSAI to start registration of security interests created on movable and intangible assets such as accounts receivables, book debt, and hypothecation as well as to start registration of all other types of mortgages used in India.





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