BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Section 22 of banking Regulation Act
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Section 22 of RBI Act
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Section 22 of NABARD
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KYC Guidelines by RBI
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Detailed explanation-1: -For commencing banking business, a primary (urban) cooperative bank, as in the case of commercial bank, is required to obtain a licence from the Reserve Bank of India, under the provisions of Section 22 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies).
Detailed explanation-2: -(1) Save as hereinafter provided, no company shall carry on banking business in India unless it holds a licence issued in that behalf by the Reserve Bank and any such licence may be issued subject to such conditions as the Reserve Bank may think fit to impose.]
Detailed explanation-3: -22. Right to issue bank notes. 22A. Non-applicability of certain provisions to digital form of bank notes.
Detailed explanation-4: -In terms of these provisions, banks without the prior approval of the RBI, cannot open a new place of business in India or abroad or change otherwise than within the same city, town or village, the location of the existing place of business. Foreign banks are allowed to operate in India through branches only.
Detailed explanation-5: -Section 21. Power of Reserve Bank to control advances by banking companies. Section 21A. Rates of interest charged by banking companies not to be subject to scrutiny by courts.