Updated for 2026 Syllabus Detailed Explanations High-Yield Core Concepts

Bank Promotion Exam Guide

Banking Awareness | Banking Knowledge | for all Bank Exams

Module: General Practice

Q13: Which of the following statements regarding the waiver of penal interest are correct?

Representations for waivers based on "first-time errors" or "staff inexperience" are explicitly listed as invalid grounds.




Representations may be considered for genuine difficulties, such as those faced by chests affected by natural calamities.




Any representation for a waiver of penal interest in the case of "wrong reporting" shall not be considered.




All waiver requests must be submitted through the CyM-CC portal within one month of the levy.
A
1 and 2 only
B
1, 2 and 3 only
C
2, 3 and 4 only
D
All of the above [QR_BOX]
✅ Correct Answer: D
The waiver policy is strict.
Requests must be via the CyM-CC portal within one month.
Reasons like "first-time error" or "staff inexperience" are invalid.
While genuine issues may be considered, waiver requests for wrong Currency Chest Reporting instances will not be considered.