Sarla lives in a small village in India holding an account in Bank A, while her son lives in a city in India and has an account in Bank B. She requires money, and her son is about to transfer it to her account. What kind of transaction would they engage in?

Intra-bank transfer

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International transfer

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Inter-bank transfer

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Self-transfer

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Solution

The correct option is C Inter-bank transfer
Since Sarla's bank account and her son's bank account are in different banks, the Reserve Bank of India will facilitate the inter-bank transaction. So, the money is securely transferred without the fear of losing it in the transfer. In this way, the Reserve Bank of India acts as the national clearing house.

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Q. Given below are Legal Principles followed by a Factual Situation. Apply the principles followed by a factual Situation. Apply the principle to it and select the most appropriate answer for question among the four choices given.
LEGAL PRINCIPLE: A master shall be liable for the fraudulent acts of his servant committed in the course of employment. Whether the act is committed in the course of employment has to be interpreted in the context of each case. Both the maser and third parties must exercise reasonable care in this regard.
FACTUAL SITUATION: Rani was an illiterate widow and she opened Saving Bank Account with ICICI Bank with help of villager who was an Accountant in the Bank. He used to deposit the cash of Rani every month and entries were made in the Pass Book and in computer system. After two to three years the villager who was accountant in said ICICI Bank was removed from job of accountant. Being not aware of such removal Rani used to give cash every month to villager to deposit into the Bank in her Saving Account. But the villager used such cash as its own. Rani found one day that such villager died of road accident and Rani thereby claimed all of her cash with interest from Bank.
FEASIBLE DECISIONS:
(A) ICICI Bank is liable to compensate to Rani.
(B) ICICI Bank is not liable to compensate Rani.
(C) Rani cannot blame others of her own wrong.
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(1) Rani was not aware that accountant was removed from the bank.
(2) ICICI Bank was not aware of the transaction between Rani and her villager.
(3) It is the duty of ICICI Bank to take care of such type of customers.
(4) Rani should have checked about villager in her own interest.
Your Decision with Appropriate Reasons:

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