Returns, inspection, acquisition, winding up
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.
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Under which section of the Banking Regulation Act, 1949, are banks required to submit returns to RBI?
Banks are required to submit various returns to RBI under Sections 27, 29, and 31 of the Banking Regulation Act, 1949, covering balance sheets, profit & loss accounts, and periodic statistical returns.
Which section of the Banking Regulation Act mandates banks to submit monthly returns to RBI?
Section 27 requires monthly returns on liquid assets.
What is the periodicity of the basic statutory return that every banking company must submit to RBI under Section 27?
Under Section 27, every banking company must submit a return of assets and liabilities in India as at the close of business on the last Friday of every quarter (or the preceding working day if Friday is a holiday).
What information must be included in the return submitted by banks under Section 27 of the Banking Regulation Act?
Assets, liabilities, and liquid assets held during the month.
Which authority is empowered to inspect any banking company under the Banking Regulation Act, 1949?
The Reserve Bank of India is empowered under Section 35 of the Banking Regulation Act, 1949 to cause an inspection of any banking company and its books and accounts.
Under Section 35 of the Banking Regulation Act, how often can RBI inspect a banking company?
RBI can inspect at any time without prior notice.
What is the purpose of RBI's inspection of commercial banks under Section 35 of the Banking Regulation Act?
RBI's inspection under Section 35 aims to examine the financial condition, management, systems, and compliance of a banking company to ensure it operates safely and in accordance with applicable laws.
Who bears the cost of inspection of a banking company conducted by RBI under the Banking Regulation Act?
The banking company being inspected bears the cost.
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