Module: | KYC, NPAs, Advances & Investment Valuations
Q185: Consider the following statements regarding mandated business hours and rural branch operational guidelines:
1. A bank must function for public transactions for a minimum duration of four hours on weekdays and two hours on Saturdays.
2. Banks are required to extend business hours for non-cash banking transactions up to exactly two hours before the close of working hours.
3. Branches located in centers with a population of 10,000 or less may designate one day of the week as a non-public working day exclusively for field visits.
4. The designated non-public working day for rural branch managers must strictly fall between two active working days.
Which of the statements given above is/are correct?
2. Banks are required to extend business hours for non-cash banking transactions up to exactly two hours before the close of working hours.
3. Branches located in centers with a population of 10,000 or less may designate one day of the week as a non-public working day exclusively for field visits.
4. The designated non-public working day for rural branch managers must strictly fall between two active working days.
Which of the statements given above is/are correct?
✅ Correct Answer: A
The correct answer is A. Statement 1 is correct: The mandated minimum floor for public cash transactions requires branches to function for at least four hours on regular weekdays and two hours on Saturdays.
Statement 2 is incorrect: Banks are strictly required to extend business hours specifically for non-cash banking transactions up to exactly one hour before the close of working hours, not two hours.
Statement 3 is correct: Rural branches, defined by a population threshold of ten thousand or less, are permitted to designate one specific day of the week as a non-public working day exclusively for managers to conduct field visits.
Statement 4 is correct: This designated non-public working day for field visits must strictly fall between two active working days, preventing it from being attached to weekends or holidays.
Statement 2 is incorrect: Banks are strictly required to extend business hours specifically for non-cash banking transactions up to exactly one hour before the close of working hours, not two hours.
Statement 3 is correct: Rural branches, defined by a population threshold of ten thousand or less, are permitted to designate one specific day of the week as a non-public working day exclusively for managers to conduct field visits.
Statement 4 is correct: This designated non-public working day for field visits must strictly fall between two active working days, preventing it from being attached to weekends or holidays.