Jio Payments Bank Limited has commenced operations as a payments bank. RBI has issued a license to the bank under Section.....of the Banking Regulation Act, 1949 to carry on the business of payments bank in India.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Jio Payments Bank Limited has commenced operations as a payments bank. RBI has issued a license to the bank under Section____of the Banking Regulation Act, 1949 to carry on the business of payments bank in India.

A	Section 22 (5)
B	Section 25 (4)
C	Section 32 (4)
D	Section 22 (1)

Explanation:

Detailed explanation-1: -The Reserve Bank of India (RBI) issues licences to entities to carry on the business of banking and other businesses in which banking companies may engage, as defined and described in Sections 5 (b) and 6 (1) (a) to (o) of the Banking Regulation Act, 1949, respectively.

Detailed explanation-2: -2. As per the amended Section 9 of the BR Act, 1949-‘Disposal of non-banking assets’ mandates that no banking company shall hold any immovable property howsoever acquired, except such as is required for its own use, for any period exceeding seven years from the acquisition thereof.

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