General Studies · Cheque Clearing and Return Rules
Consider the following statements regarding cheque returns in banking clearing operational procedures: Statement I: When a cheque is returned, the drawee bank must issue a Return Memo specifying the reason for return. Statement II: A bank can return a cheque for 'Insufficient Funds' if the available balance is less than the cheque amount, even if an unapproved overdraft request is pending. Statement III: Clearings are settled instantly without any permissible return window. Which of the statement(s) is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1I, II and III
- 2Only II and III
- 3Only I and II✓
- 4Only I
Correct answer
Only I and II
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for General Studies?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Cheque Clearing and Return Rules MCQs →Want more practice questions on Cheque Clearing and Return Rules?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in General Studies · Cheque Clearing and Return Rules