BANKING AFFAIRS

Detailed explanation-1: -(b) “banking” means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawal by cheque, draft, order or otherwise; (c) “banking company” means any company which transacts the business of banking 10 [in India].

Detailed explanation-2: -(1) No company other than a banking company shall use as part of its name 41 [or in connection with its business] any of the words “bank”, “banker” or “banking” and no company shall carry on the business of banking in India unless it uses as part of its name at least one of such words.

Detailed explanation-3: -(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-4: -Section 51. Application of certain provisions to the State Bank of India and other notified banks. Section 51A. Powers of Reserve Bank not to apply to International Financial Services Centre.