last part of act Flashcards
The Bank has the authority to remove or debar that auditor from performing audit duties for any of the Bank’s regulated entities. The debarment or removal can last for a maximum period of
three years at any one time.
Direct an NBFC, already under a deposit acceptance prohibition, not to sell, transfer, create charge, mortgage, or deal in any manner with its property and assets without the Bank’s prior written permission. This restriction can be imposed for a period not exceeding______________________–
six months from the date of the order.
The Bank may file an application for the winding up of an NBFC under
Companies Act, 1956
The Bank may file an application for the winding up of an NBFC under the Companies Act, 1956 if: The NBFC has been barred from receiving deposits for at least
three months by a Bank order.
An NBFC is considered unable to pay its debt if: It has refused or failed to meet a lawful demand within
five working days at any of its offices or branches, and The Bank provides a written certification that the company cannot pay its debt.
Deposits held before ________________ that don’t comply with sub-section (1)(No individual, firm, or unincorporated association shall accept deposits if their business includes activities mentioned in clause (c) of section 45-I.), must be repaid:
April 1, 1997,
Deposits held before April 1, 1997, that don’t comply with sub-section (1)(No individual, firm, or unincorporated association shall accept deposits if their business includes activities mentioned in clause (c) of section 45-I.), must be repaid:
Immediately upon becoming due, or Within three years from April 1, 1997, whichever comes first.
Deposits held before April 1, 1997, that don’t comply with sub-section (1)(No individual, firm, or unincorporated association shall accept deposits if their business includes activities mentioned in clause (c) of section 45-I.), must be repaid: The Bank may extend the repayment period by up to_________________ if the person proves inability to repay or extreme hardship, subject to conditions.
one year
From _____________, these entities are prohibited from issuing advertisements to solicit deposits.
April 1, 1997
An officer from the Bank or the State Government, who is authorized, can apply to a court with jurisdiction under the
Code of Criminal Procedure, 1973 (CrPC)
Resolution Through Joint Committee: The Joint Committee decides on the dispute within
three months from the date of reference.
Determination of Inflation Target: This setting of the target is to be done once every
five years.
The Central Government, in consultation with the Bank (presumably the central or reserve bank), will set an inflation target based on the
Consumer Price Index.
Composition of the MPC
Chairperson: The Governor of the Bank, serving in an ex officio capacity. Member: A Deputy Governor of the Bank specifically responsible for Monetary Policy, also ex officio.Member: One officer from the Bank, nominated by the Central Board, ex officio.Members: Three individuals appointed directly by the Central Government.
Ineligible Persons of MPC: Over __________________ of age at the time of appointment.
Ineligible Persons of MPC: Convicted of an offense with a sentence of imprisonment for _______________-
180 days or more.
Search-cum-Selection Committee of MPC
Chairperson: Cabinet Secretary. Member: Governor of the Reserve Bank of India or their representative (not below Deputy Governor rank). Member: Secretary, Department of Economic Affairs. Members: Three experts in economics, banking, finance, or monetary policy nominated by the Central Government.
Members appointed under clause (d) of sub-section (2) of section 45ZB serve for a term of
four years and are not eligible for re-appointment.
A Member can resign from the MPC at any time before the end of their four-year term by: Giving a written notice of resignation to the Central Government with at least
six weeks’ notice.
The Bank must organize at least ____________________– MPC meetings each year.
four
The schedule for the year should be published at least ___________- before the first meeting of MPC .
one week
A quorum of MPC requires at least _ members, one of whom must be the _______________-
four,Governor or, in his absence, the Deputy Governor who is an MPC member.
The Bank must publish the minutes of the MPC meeting on the ______________ following the meeting.
14th day
Each member’s of mpc written statement explaining their vote on the resolutions, as per sub-section
(11) of section 45ZL.