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Final Accounts of Banking Companies
What is the definition of 'Banking' under Section 5 of the Banking Regulation Act, 1949?
Accepting deposits from public for lending/investment, repayable on demand or otherwise, withdrawable by cheque/draft/order.
Name three categories of banks constituted in India.
Body corporate under special Act (SBI, RRBs), company under Companies Act 1956/2013, co-operative society.
Which schedule of the Banking Regulation Act prescribes balance sheet and P&L formats for banking companies?
Third Schedule: Form A (Balance Sheet) and Form B (Profit & Loss Account).
How many directors must sign financial statements of an Indian-incorporated banking company?
At least three directors (or all if total number is three or less), plus manager/principal officer.
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