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Objective Questions

Latest RBI SO Grade B Exam Question (Objective Questions), MCQ in English

Subjects : General Knowledge of Law

Question Bank RBI SO Grade B (Legal Officer) Exam Paper 1 - English
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General Knowledge of Law

Question 1Single Answer
The State Financial Corporations Act was enacted in which year?
  1. A
    1948
  2. B
    1964
  3. C
    1951
  4. D
    1975
Question 2Single Answer
The State Financial Corporations Act, 1951 was enacted to promote?
  1. A
    Agricultural finance
  2. B
    Export finance
  3. C
    Housing finance
  4. D
    Industrial development in small and medium sector
Question 3Single Answer
As per Section 2(c) of SFC Act, 1951, “Industrial concern” means any concern engaged in?
  1. A
    Only agriculture
  2. B
    Only trading of goods
  3. C
    Only service sector
  4. D
    Manufacture, preservation or processing of goods
Question 4Single Answer
Which section of SFC Act defines the business that a Financial Corporation may transact?
  1. A
    Section 31
  2. B
    Section 29
  3. C
    Section 25
  4. D
    Section 32G
Question 5Single Answer
Under Section 25 of SFC Act, a Financial Corporation may grant?
  1. A
    Only underwriting
  2. B
    Only equity participation
  3. C
    Only guarantees
  4. D
    Loans and advances to industrial concerns
Question 6Single Answer
The maximum amount that SFC can lend to a single industrial concern is limited to?
  1. A
    No limit
  2. B
    25%
  3. C
    50%
  4. D
    10% of its paid-up share capital and reserves
Question 7Single Answer
Section 29 of SFC Act, 1951 empowers the Financial Corporation to?
  1. A
    Only sell assets
  2. B
    Only file civil suit
  3. C
    Take over management or possession in case of default
  4. D
    Only appoint receiver
Question 8Single Answer
Under Section 29(1), if borrower defaults, SFC can?
  1. A
    Increase interest
  2. B
    Only demand repayment
  3. C
    Cancel loan
  4. D
    Take over management of the industrial concern
Question 9Single Answer
Section 29(4) allows SFC to?
  1. A
    No sale
  2. B
    Only take possession
  3. C
    Only appoint director
  4. D
    Sell or lease the property of the defaulting concern
Question 10Single Answer
Section 31 of SFC Act provides for?
  1. A
    Special provisions for enforcement of claims by SFC
  2. B
    General lending powers
  3. C
    Definition of industrial concern
  4. D
    Share capital
Question 11Single Answer
Under Section 31(1), SFC can apply to?
  1. A
    High Court only
  2. B
    District Judge for an order to enforce its claim
  3. C
    Supreme Court
  4. D
    RBI
Question 12Single Answer
Section 31(1)(a
  1. D
    allows SFC to seek?
Question 13Single Answer
As per Section 31(1)(bb), SFC can apply for?
  1. A
    Transfer of property to itself
  2. B
    Only sale
  3. C
    Only lease
  4. D
    No transfer
Question 14Single Answer
Section 32G of SFC Act provides that amounts due to SFC shall be recoverable as?
  1. A
    Arrears of land revenue
  2. B
    Civil suit amount
  3. C
    Normal loan
  4. D
    No recovery
Question 15Single Answer
Under Section 32G, recovery proceedings are initiated by?
  1. A
    Court only
  2. B
    SFC itself
  3. C
    Collector or District Magistrate
  4. D
    RBI
Question 16Single Answer
Section 32A of SFC Act empowers SFC to?
  1. A
    No appointment
  2. B
    Only take possession
  3. C
    Only sell
  4. D
    Appoint directors on the board of defaulting concern
Question 17Single Answer
Under Section 32B, SFC may?
  1. A
    Only appoint
  2. B
    Remove existing directors and appoint new ones
  3. C
    No removal
  4. D
    No appointment
Question 18Single Answer
Section 32C allows SFC to?
  1. A
    Only advisory
  2. B
    Only appoint one director
  3. C
    No supersession
  4. D
    Supersede the board of directors of the industrial concern
Question 19Single Answer
The power under Section 32D is to?
  1. A
    Issue directions to the defaulting concern
  2. B
    No directions
  3. C
    Only financial
  4. D
    Only operational
Question 20Single Answer
Section 32E empowers SFC to?
  1. A
    Only appoint director
  2. B
    Assume management of the industrial concern
  3. C
    Only sell
  4. D
    No management
Question 21Single Answer
Under Section 32F, when SFC assumes management, it shall?
  1. A
    Private notice
  2. B
    No notification
  3. C
    Notify the change in official gazette
  4. D
    No change
Question 22Single Answer
The term “industrial concern” under Section 2(c) includes?
  1. A
    Only agriculture
  2. B
    Only company
  3. C
    Only proprietorship
  4. D
    Company, partnership, cooperative society engaged in manufacture
Question 23Single Answer
SFC can carry on business of?
  1. A
    No underwriting
  2. B
    Only lending
  3. C
    Only guarantee
  4. D
    Underwriting and subscribing to shares/debentures
Question 24Single Answer
Section 25(2)(a
  1. B
    allows SFC to?
Question 25Single Answer
The maximum limit for guarantee by SFC is?
  1. A
    75% of the project cost
  2. B
    100%
  3. C
    50%
  4. D
    No limit
Question 26Single Answer
Under Section 29, before taking possession, SFC must?
  1. A
    Verbal notice
  2. B
    No notice
  3. C
    Serve notice in writing
  4. D
    Court order only
Question 27Single Answer
Section 31 proceedings are?
  1. A
    No proceeding
  2. B
    Regular civil suit
  3. C
    Summary in nature
  4. D
    Arbitration
Question 28Single Answer
Under Section 32G, the recovery officer has powers of?
  1. A
    No power
  2. B
    Civil court
  3. C
    Revenue recovery under state land revenue law
  4. D
    Criminal court
Question 29Single Answer
Section 32A to 32F are collectively known as?
  1. A
    Recovery provisions
  2. B
    Management takeover provisions
  3. C
    Lending provisions
  4. D
    Guarantee provisions
Question 30Single Answer
SFC can take over management when?
  1. A
    Only principal
  2. B
    No default
  3. C
    Only interest default
  4. D
    Borrower defaults in repayment
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