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BANKING OPERATION > BANKING REVIEWER > Flashcards

BANKING REVIEWER Flashcards

1
Q

What is the General Banking Law of 2000?

A

An act providing for the regulation of the organization and operations of banks, quasi-banks, trust entities and for other purposes.

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2
Q

What is Republic Act No. 8791?

A

An act providing for the regulation of the organization and operations of banks, quasi-banks, trust entities and for other purposes.

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3
Q

What are the core-banking functions of banks?

A

Mobilizing savings and allocating resources.

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4
Q

What is required for a bank to be established according to the GBL?

A

Banks must be stock corporations and obtain funds from deposits of twenty or more persons.

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5
Q

Which types of banks does the General Banking Law govern?

A

Universal banks, commercial banks, thrift banks, rural banks, cooperative banks, and Islamic banks.

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6
Q

What does Section 71 of the GBL state?

A

It governs the organization, ownership, capitalization, and powers of various types of banks.

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7
Q

What is the Manual of Regulations for Banks (MORB)?

A

Rules implementing the General Banking Law issued by the Bangko Sentral ng Pilipinas.

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8
Q

Who supervises the operations and activities of banks in the Philippines?

A

The Bangko Sentral ng Pilipinas.

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9
Q

What does Republic Act No. 1405 pertain to?

A

Secrecy of Bank Deposit.

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10
Q

What is the purpose of Republic Act No. 1405?

A

To prohibit disclosure of or inquiry into deposits with any banking institution.

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11
Q

What does Republic Act No. 6426 establish?

A

A foreign currency deposit system in the Philippines.

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12
Q

What does Section 8 of Republic Act No. 6426 state?

A

All foreign currency deposits are confidential and exempt from examination without depositor’s permission.

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13
Q

What is the focus of Republic Act No. 3765?

A

Truth in Lending Act, requiring disclosure of finance charges in credit extensions.

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14
Q

What is the purpose of Republic Act No. 3591?

A

To establish the Philippine Deposit Insurance Corporation (PDIC).

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15
Q

What is the main policy of the Philippine Deposit Insurance Corporation?

A

To promote and safeguard the interests of the depositing public.

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16
Q

What does Republic Act No. 7353 pertain to?

A

Creation, organization, and operation of rural banks.

17
Q

What does the New Central Bank Act establish?

A

An independent central monetary authority known as the Bangko Sentral ng Pilipinas.

18
Q

What is the aim of Republic Act No. 7721?

A

To liberalize the entry and scope of operations of foreign banks in the Philippines.

19
Q

What are the modes of entry for foreign banks as per Republic Act No. 10641?

A

Acquiring existing banks, investing in new subsidiaries, or establishing branches.

20
Q

What is the focus of the Anti-Money Laundering Act of 2001?

A

To define money laundering and provide penalties.

21
Q

What does Republic Act No. 10000 promote?

A

An agriculture and agrarian reform credit and financing system.

22
Q

What does the term ‘negotiable’ mean?

A

Transferable.

23
Q

What is a negotiable instrument?

A

Documents that promise to pay a certain sum of money to the bearer or assignee.

24
Q

What are the features of negotiable instruments?

A
  • Easily transferable
  • Must be written
  • Time of payment must be certain
  • Payee must be certain
25
Q

What are the functions of negotiable instruments?

A
  • Operates as a substitute for money
  • Means of creating and transferring credit
  • Facilitates the sale of goods
  • Increases the purchasing medium in circulation
26
Q

What are the eight requirements for negotiable instruments?

A
  • Must be in writing
  • Must be signed by the maker or drawer
  • Must be a definite order or promise to pay
  • Must be unconditional
  • Must be an order or promise to pay a sum certain
  • Must be payable in money
  • Must be payable on demand or at a definite time
  • Must be payable to order or bearer
27
Q

What are the common types of negotiable instruments?

A
  • Checks
  • Bills of exchange
  • Promissory notes
28
Q

What is a check?

A

A bill of exchange directing a specified banker to pay a certain sum of money to the bearer.

29
Q

What defines a promissory note?

A

A signed document promising to pay a stated sum to a specified person at a specified date or on demand.

30
Q

What is a bill of exchange?

A

An order from the creditor to the debtor to pay a certain person after a certain period.

BANKING OPERATION (1 decks)

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