Banking · Documentary Bill Collection
Assertion: In a documentary bill collection, the bank is responsible for verifying the genuineness of the underlying goods and the accuracy of the quantity mentioned in the invoice. Reason: Banks acting as agents in ancillary services owe a duty of care to their principals and must ensure the transaction is not fraudulent.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both Assertion and Reason are true and the Reason is the correct explanation of the Assertion.
- 2Both Assertion and Reason are true but the Reason is not the correct explanation of the Assertion.
- 3The Assertion is true but the Reason is false.
- 4The Assertion is false but the Reason is true.✓
Correct answer
The Assertion is false but the Reason is true.
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