If the bank is unable to collect a bill on due date, immediate steps should be taken to recover the amount from the drawer, this feature comes under ..... of bank audit

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

“If the bank is unable to collect a bill on due date, immediate steps should be taken to recover the amount from the drawer”, this feature comes under ____ of bank audit

A	Internal Control System of cash
B	Audit report
C	Internal Control System of Bills
D	Preparation of financial statements

Explanation:

Detailed explanation-1: -When a financial institution issues a letter of credit, it acts as a guarantor for the buyer. If the buyer cannot make the payment to the seller, the financial institution makes the payment. However, specific conditions must be met for banks to cover the costs for buyers.

Detailed explanation-2: -Approval of Reserve Bank of India 10.1 Banks wishing to provide mobile banking services shall seek prior one time approval of the Reserve Bank of India, by furnishing full details of the proposal.

There is 1 question to complete.