Undelivered Debit Cards (in blocked status) for more than ....., to be destroyed into several pieces in presence of two officers and proper records to be maintained.

BANKING GENERAL KNOWLEDGE

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

Undelivered Debit Cards (in blocked status) for more than ____, to be destroyed into several pieces in presence of two officers and proper records to be maintained.

A	3 Months
B	6 Months
C	One year
D	Two Year

Explanation:

Detailed explanation-1: -Once the matter is proven to fall under an unauthorised transaction complaint, banks have to process the refund within 10 days. The complaint also needs to be resolved within 90 days as per RBI guidelines for disputed transaction.

Detailed explanation-2: -Multiple banking is an arrangement where a borrower takes loan amount from several banks. In this case no bank knows that his borrower has taken loan from other banks too.

Detailed explanation-3: -Maximum timeframe for collection of cheques drawn on state capitals / major cities / other locations are 7/10/14 days respectively. If there is any delay in collection beyond this period, customer is entitled to receive compensation at the rate specified in the CCP of the concerned bank.

Detailed explanation-4: -The Reserve Bank of India, as part of guidelines on Fair Practices Code (FPC), has already advised REs that they should not resort to intimidation or harassment of their borrowers, calling them on phone at odd hours in their debt collection efforts, etc.

There is 1 question to complete.