130 MCQs: PAPER II – PRINCIPLES & PRACTICES OF BANKING | With Answer's Explanation
130 MCQs: PAPER II – PRINCIPLES & PRACTICES OF BANKING 130 MCQs: PAPER II – PRINCIPLES & PRACTICES OF BANKING Which of the following best describes the legal nature of the relationship between a banker and a customer in case of a savings account? Creditor and Debtor Agent and Principal Trustee and Beneficiary Lessor and Lessee Answer: A Explanation: In a savings account, the customer deposits money, and the bank holds it, making the bank the debtor and the customer the creditor. Which section of the Indian Contract Act, 1872 defines the general relationship between a banker and a customer? Section 2(e) Section 10 Section 126 Section 182 Answer: D Explanation: Section 182 of the Indian Contract Act defines the Agent-Principal relationship, relevant in specific banking scenarios like collectio...