Legal Framework of Regulation of Banks
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Free sample — 8 of 66 rapid-fire Q&A cards.
Which two acts primarily govern banking in India?
Banking Regulation Act, 1949 and Reserve Bank of India Act, 1934.
Under which section of the Banking Regulation Act is 'banking' defined?
Section 5(b) of the Banking Regulation Act, 1949
Define banking under Section 5(b) of the Banking Regulation Act.
Acceptance of deposits from public for lending or investment, repayable on demand or otherwise.
When did the Reserve Bank of India Act, 1934 come into force?
6th March 1934
What does Section 7 mandate regarding use of word 'bank'?
Only banking companies can use words 'bank', 'banker', 'banking' in their name.
What is the minimum paid-up capital and reserves required for a Scheduled Bank?
Not less than Rs. 5 lakhs
Under Section 49A, who can accept deposits withdrawable by cheque?
Only banks are authorized to accept deposits withdrawable by cheque.
Under which act was State Bank of India constituted?
State Bank of India Act, 1955
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