Returns, Inspection, Winding up, Mergers and Acquisitions
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
Which section of the Banking Regulation Act, 1949 empowers RBI to call for returns from banks?
Section 27 of the Banking Regulation Act, 1949 empowers RBI to call for returns from banks, including the monthly return of assets and liabilities.
What type of returns must banking companies submit to RBI under Section 27 of the BR Act?
Monthly returns showing assets and liabilities position
What is the periodicity of the basic balance sheet return that every banking company must submit to RBI?
Every banking company must submit the return of assets and liabilities (balance sheet) to RBI on a monthly basis, as prescribed under Section 27 of the BR Act, 1949.
Under which section of the BR Act can RBI order a special audit of a banking company?
Section 30 empowers RBI to order special audit
Under which section of the BR Act can RBI inspect any banking company?
Under Section 35 of the Banking Regulation Act, 1949, RBI has the power to inspect any banking company, its books and accounts, at any time.
What does Section 35A of the BR Act empower RBI to do?
Issue directions to banking companies in public interest
What is the primary purpose of RBI's inspection of banks under Section 35 of the BR Act?
The primary purpose is to examine whether a banking company is conducting its affairs in a manner detrimental to the interests of depositors or in contravention of the provisions of the BR Act.
What is the High Court's role when RBI applies for winding up of a bank?
High Court passes winding up order on RBI's petition
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