BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Undertake basic banking activities of acceptance of deposits and lending
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Allowed to set up subsidiaries to undertake non-banking financial activities
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Allowed to distribute mutual fund products, insurance products and pension products
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All of the above
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Detailed explanation-1: -Ujjivan Small Finance Bank Limited commences operations 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: -The Reserve Bank of India on Tuesday granted a banking licence to Unity Small Finance Bank Ltd (USFBL), which was established jointly by the Centrum Financial Services Ltd (CFSL) and Resilient Innovations Private Limited (BharatPe), to carry on a SFB business in India.
Detailed explanation-3: -Jalandhar-based Capital Local Area Bank (CLAB) is set to become India’s first small area finance bank (SFB) by flagging-off its operations on April 13, 2016. CLAB is the first among the 10 applicants to get final licence from the Reserve Bank of India (RBI).
Detailed explanation-4: -Further, it has rejected two out of seven applications it received for setting up small finance banks (SFBs).