BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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If some people wish to start a banking company in India, they certainly need a permission of the
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Indian Banks Association
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Institute of Chartered Accountants in India
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Ministry of Finance
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Reserve Bank of India
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Explanation:
Detailed explanation-1: -Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.
Detailed explanation-2: -Kotak Mahindra Bank and Yes Bank were the last two entities to get banking licenses from the RBI in 2003-04.
Detailed explanation-3: -Licensing of banking companies Section 22 of the Act provides that no banking company is permitted to carry on the banking business in India unless it holds a license issued on behalf of the Reserve Bank. Such a license is issued only when the RBI is satisfied that all the conditions are satisfied.
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