New SIDBI Grade A New Batch Starts on Nov 18

    Register

    Question

    What is the key amendment in the provision regarding business credit cards issued by card-issuers to business entities/individuals for business expenses?  

    A Introduction of overdraft/cash credit facility Correct Answer Incorrect Answer
    B Requirement for issuing add-on cards Correct Answer Incorrect Answer
    C Inclusion of charge cards Correct Answer Incorrect Answer
    D Inclusion of an effective mechanism to monitor end use of funds Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Inclusion of an effective mechanism to monitor end use of funds   Explanation: The key amendment in the provision is the inclusion of a requirement for card-issuers to put in place an effective mechanism to monitor the end use of funds for business credit cards issued to business entities/individuals for business expenses.  

    Practice Next