BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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10 crore or more
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20 crore or more
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50 crore or more
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100 crore or more
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Detailed explanation-1: -As per Section 5(b) of the Banking Regulation Act, 1949, “banking” means 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.
Detailed explanation-2: -Salient features of the Act Prohibition of non-banking companies from accepting deposits repayable on demand. Prohibition of trading to eliminate non-banking risks. Prescription of minimum capital standards. Limiting the payments of dividends.
Detailed explanation-3: -In this article, we have come up with the most Important Banking Acts like Reserve Bank of India Act, 1934; Reserve Bank of India Act, 1934; Insurance Regulatory and Development Authority Act, 1999; Foreign Exchange Management Act, 1999; SARFAESI-2002, etc.