Banking · Banker-Customer Relationship
Consider the following statements regarding legal provisions in banking operations: Statement I: The Right of Set-off can be exercised across different branches of the same bank because the bank constitutes a single legal entity. Statement II: A Garnishee Order Nisi served on the Head Office of a bank acts as valid notice to all branches, provided reasonable time is allowed for transmission. Statement III: A banker's duty of secrecy is absolute and cannot be broken under any statutory compulsion. Statement IV: A bank automatically possesses a general lien over articles/valuables left in safe deposit lockers. Statement V: Under the Reserve Bank - Integrated Ombudsman Scheme, the Ombudsman can award compensation up to ₹20 lakh for loss arising directly from the act/omission. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1All statements are correct
- 2Only I, II and V✓
- 3Only II and III
- 4Only I and II
Correct answer
Only I, II and V
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