With reference to 'Urban Cooperative Banks' in India, consider the following statements : 1. They are supervised and regulated by local boards set up by the State Governments. 2. They can issue equity shares and preference shares. 3. They were brought under the purview of the Banking Regulation Act, 1949 through an Amendment in 1966. Which of the statements given above is/are correct?

The correct answer is B, the Reserve Bank Integrated Ombudsman Scheme, 2021. The scheme merged the separate ombudsman schemes for banks, for non-banking financial companies and for digital transactions into a single one nation one ombudsman arrangement, with a centralised centre to receive and process complaints in any language. A complaint costs the customer nothing, and it can be filed once the bank has failed to resolve the matter within thirty days or has rejected it.

Option A refers to the voluntary codes of fair treatment that banks commit to, which are not a redress forum of this kind. Option C, the deposit insurance scheme run by the Deposit Insurance and Credit Guarantee Corporation, protects deposits up to a prescribed limit if a bank fails, an entirely different purpose. Option D is not a Reserve Bank scheme for banking complaints. The ombudsman is the step after the bank's internal grievance machinery, not a substitute for it.

The correct answer is B, rupees 50,000. Under the Positive Pay System the issuer of a high value cheque sends the bank the key details, such as date, beneficiary name and amount, through a channel like the mobile app or internet banking, and the paying bank matches those details before honouring the cheque. The system covers cheques of fifty thousand rupees and above, which is where cheque tampering is worth a fraudster's effort.

Option A, rupees 10,000, is below the threshold and would cover almost every cheque, defeating the purpose of focusing on high value instruments. Option C, rupees 2 lakh, does not appear in the arrangement. Option D, rupees 5 lakh, is the value from which banks may make the facility compulsory for their customers rather than optional, so it is a half-right answer and the main trap here. Remember fifty thousand as the coverage threshold and five lakh as the level at which a bank may insist on it.

The correct answer is C, Section 66D. This section punishes a person who, by means of any communication device or computer resource, cheats by personation, which is exactly what a phishing website or a caller pretending to be a bank officer does. It is the provision most often invoked in online banking fraud cases, along with the general cheating provisions of the criminal law.

Option A, Section 43, provides for compensation for damage to a computer or computer system and is a civil remedy rather than a criminal punishment. Option B, Section 66C, deals with identity theft, that is the dishonest use of another person's electronic signature, password or unique identification feature; it is closely related and is the main alternative that candidates pick. Option D, Section 72, punishes breach of confidentiality and privacy by a person who has secured access to records under the Act. Learn 66C for identity theft and 66D for cheating by personation.

The correct answer is B, 1930. The number is run under the national cybercrime reporting arrangement of the Ministry of Home Affairs and is meant for the immediate reporting of financial cyber fraud, alongside the National Cyber Crime Reporting Portal. A call in the first hours lets the amount be traced and frozen in the accounts to which it has been transferred, which is why speed matters more here than paperwork.

Option A, 1091, is the women's helpline and is unrelated. Option C, 14448, is the Reserve Bank's own number for its ombudsman and consumer education arrangement, used for a complaint against a bank rather than for reporting a crime, which makes it a good distractor. Option D, 1800, is only the prefix used by toll-free numbers in India and is not a helpline by itself. Remember 1930 for cyber fraud and 14448 for the banking ombudsman.

The correct answer is B, the Reserve Bank of India. Banks report frauds to the Reserve Bank, which keeps them in the Central Fraud Registry and makes the database searchable by banks. A lender can therefore check whether a borrower, promoter or firm is already linked to a fraud elsewhere before sanctioning credit, which closes the gap that allowed a defaulter to move from one bank to the next.

Option A, the Central Bureau of Investigation, investigates large frauds referred to it but does not maintain this registry. Option C, the Securities and Exchange Board of India, regulates securities markets and keeps its own records of market offences, not bank frauds. Option D, the Indian Banks Association, is an industry body and issues common guidance for banks but has no such statutory database. Along with the Central Fraud Registry, remember the Central Repository of Information on Large Credits, which tracks large exposures rather than frauds.