GENERAL KNOWLEDGE

GK

BANKING AWARENESS AND SEBI

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

The committee that recommended the introduction of electronic clearing services?

A	Shere Committee
B	Saraf Committee
C	Kapoor Committee
D	Rangarajan Committee

Explanation:

Detailed explanation-1: -The Shere Committee had examined the legal issues pertaining to cheque truncation and had indicated that the definition of presentment in the Negotiable Instruments Act may have to be amended for adoption of cheque truncation system in India.

Detailed explanation-2: -The credit instructions from the User to the Destination Account Holders would be in an electronic form that can be processed on computers and would form the basis for the Sponsor Bank to debit the User’s account and the Destination Bank branches to credit the beneficiaries’ accounts.

Detailed explanation-3: -The Electronic Clearance Service (ECS) scheme provides an alternative method of effecting bulk payment transactions like periodic (monthly/ quarterly/ half-yearly/ yearly) payments of interest/ salary/ pension/ commission/ dividend/ refund by Banks/Companies /Corporations /Government Departments.

There is 1 question to complete.