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Extras
What is the primary purpose of the Banking Regulation Act, 1949?
The Banking Regulation Act, 1949 provides a framework for the regulation and supervision of banking companies in India, empowering the RBI to control their operations, licensing, and management.
What is the minimum paid-up capital required for a new private sector bank in India?
Minimum paid-up capital requirement is Rs. 500 crore.
What does the term 'banking' mean as defined under Section 5(b) of the Banking Regulation Act, 1949?
Banking means accepting deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order, or otherwise, for the purpose of lending or investment.
What is the maximum period for which a bank can keep an account as NPA before classifying it as doubtful?
An account remains sub-standard for 12 months before becoming doubtful.
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