LEGAL FRAMEWORK OF REGULATION OF BANKS
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 Act forms the primary legislative framework for regulation of banks in India?
The Banking Regulation Act, 1949 is the primary legislation governing the regulation and supervision of banking companies in India, conferring wide powers on RBI.
Which section of the Banking Regulation Act, 1949 defines 'banking company'?
Section 5(c) defines a banking company.
Under which section of the Banking Regulation Act, 1949 is a 'banking company' defined?
Section 5(c) of the Banking Regulation Act, 1949 defines a banking company as any company which transacts the business of banking in India.
What is the full form of BR Act commonly used in Indian banking regulation?
Banking Regulation Act, 1949.
What is the statutory definition of 'banking' under the Banking Regulation Act, 1949?
Section 5(b) defines banking as the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise and withdrawable by cheque, draft, order or otherwise.
Under which Act was the Reserve Bank of India established?
Reserve Bank of India Act, 1934.
Which authority grants a licence to a new banking company to commence banking business in India?
The Reserve Bank of India grants a licence under Section 22 of the Banking Regulation Act, 1949 before a banking company can commence or carry on banking business in India.
Which section of the Banking Regulation Act deals with licensing of banking companies?
Section 22 deals with licensing of banking companies.
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