BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Only 1 and 3
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Only 2
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Only 1
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All the above
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Detailed explanation-1: -a) Each of the Promoters should have a minimum 10 years of experience in banking and finance at a senior level. b) The Promoters should have a past record of sound credentials and integrity. c) The Promoters should be financially sound and should have a successful track record for at least 10 years.
Detailed explanation-2: -Thus it is mandatory for banks to seek prior approval/licence from RBI before opening of branches/offices – Commercial banks from Department of Banking Operations and Development, Urban Co-operative Banks from Urban Banks Department, Regional Rural Banks and Local Area Banks from Rural Planning and Credit Department.
Detailed explanation-3: -The requirements may include minimum capital requirements, minimum number of directors, residence of shareholders, spread of shareholdings, disclosure of beneficial shareholders, besides other matters. These requirements may differ between jurisdictions, and may differ depending on the type of license being sought.
Detailed explanation-4: -Section 22 in BANKING REGULATION ACT, 1949.