GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The payee‘s bank
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The endorser‘s bank
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The bank that collects the cheque
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The bank upon which the cheque is drawn
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Detailed explanation-1: -The issuing party is called the drawer of the cheque, and the one it is issued to or put simply, whose name is mentioned on the cheque is the drawee.
Detailed explanation-2: -There are three parties involved in the processing of a cheque: the drawer, who issues the cheque and holds the bank account; the drawee, which is the financial institution; and the payee, who is the person whose name appears on the cheque and will receive the funds.
Detailed explanation-3: -Basically, there are three parties to a cheque: Drawer: The person who draws the cheque, i.e. signs and orders the bank to pay the sum. Drawee: The bank on which the cheque is drawn or who is directed to pay the specified sum written on the cheque. Payee: The beneficiary, i.e. to whom the amount is to be paid.