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CONTROL OVER ORGANISATION OF BANKS QUESTIONS
Under which section of the Banking Regulation Act, 1949 does the RBI have the power to give directions to banks regarding their business operations?
Section 35A of the Banking Regulation Act, 1949 empowers RBI to issue directions to banking companies in the public interest, in the interest of depositors, or for sound and proper management of banking companies.
Which section of the Banking Regulation Act, 1949 empowers RBI to issue guidelines on corporate governance of banks?
Section 35A empowers RBI to issue binding directions.
What is the minimum paid-up capital requirement for a new private sector bank as per RBI licensing guidelines?
The minimum initial paid-up voting equity capital for a new private sector bank is Rs. 500 crore. The promoters must contribute at least 40% of the paid-up voting equity capital at the time of commencement of business.
What is the maximum number of directors permitted on the Board of a banking company under the Banking Regulation Act, 1949?
Maximum 15 directors are permitted on the Board.
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