Question
Which section of IT Act deals with the legal recognition
of electronic records?Solution
Where any law provides that information or any other matter shall be in writing or in the typewritten or printed form, then, notwithstanding anything contained in such law, such requirement shall be deemed to have been satisfied if such information or matter is– (a) rendered or made available in an electronic form; and (b) accessible so as to be usable for a subsequent reference.
InsureCo writes a portfolio of 12-month fire insurance policies on 1 Oct (policy year Oct–Sep). Premiums are received upfront. Historical claims are s...
The 'MCLR' (Marginal Cost of Funds based Lending Rate) system replaced the earlier 'Base Rate' system. What is a key component in calculating MCLR?
"Operational Risk" includes risk arising from:
What is the maximum aggregate balance allowed in accounts opened using Aadhaar OTP-based e-KYC in non-face-to-face mode?
Nostro account is maintained in:
A borrower has defaulted on a term loan for over 90 days. The bank categorizes the account as an NPA. Later, the borrower partially repays the overdue a...
The process of converting a physical cheque into an electronic image for faster processing is called:
A bank has statutory reserve requirement of 25% of Net Profit before appropriations. Net Profit before appropriations = ₹40 crore. Transfer to reserve...
An Indian exporter raises a Letter of Credit (LC) worth USD 1,00,000. The exchange rate on the LC issuance date is ₹83.50/USD. The bank charges 0.25% ...
When the RBI increases the "Repo Rate," it generally leads to:
