Which of the following bank has clarified that banks will have to bear the full liability in the event of any security breach or compromise in the authorised card network.

2016

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

A	Asian Development Bank
B	World Bank
C	Central Bank of India
D	RBI

Explanation:

Detailed explanation-1: -Notes Issued: The currency notes issued by the Reserve Bank are the Reserve Bank’s liability and this constitutes the liabilities of the Issue Department.

Detailed explanation-2: -The under-noted liabilities will not form part of liabilities for the purpose of CRR; Paid up capital, reserves, any credit balance in the Profit & Loss Account of the bank, amount of any loan taken from the RBI and the amount of refinance taken from Exim Bank, NHB, NABARD, SIDBI.

Detailed explanation-3: -Banks must make mandatory disclosures of risks, responsibilities and liabilities of the customers in doing business through Internet through a disclosure template. The banks should also provide their latest published financial results over the net.

Detailed explanation-4: -At present, all Scheduled Commercial Banks are required to maintain a uniform SLR of 25 per cent of the total of their demand and time liabilities in India as on the last Friday of the second preceding fortnight which is stipulated under section 24 of the B.R. Act, 1949.

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