RBI was granted a licence to small Finance Banks for the commencement of banking business under Section.....of the Banking Regulation Act, 1949.

BANKING GENERAL KNOWLEDGE

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

RBI was granted a licence to small Finance Banks for the commencement of banking business under Section____of the Banking Regulation Act, 1949.

A	Section 38(3)
B	Section 22(1)
C	Section 47(4)
D	Section 12(2)

Explanation:

Detailed explanation-1: -The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.

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: -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-4: -22. Right to issue bank notes. 22A. Non-applicability of certain provisions to digital form of bank notes.

There is 1 question to complete.