Section 9 of the Banking Regulation Act prohibits the banking Companies from holding any immovable property except for its own use for a period of not more property. The RBI may extend this period for a further period of.....:

BANKING GENERAL KNOWLEDGE

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

Section 9 of the Banking Regulation Act prohibits the banking Companies from holding any immovable property except for its own use for a period of not more property. The RBI may extend this period for a further period of____:

A	2 years
B	4 years
C	5 years
D	6 years

Explanation:

Detailed explanation-1: -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.

Detailed explanation-2: -Section 19 in BANKING REGULATION ACT, 1949.

Detailed explanation-3: -The Banking Regulation Act, 1949 confers power on Reserve Bank of India under Section 47(A) to impose penalties if there has been any default or contravention.

Detailed explanation-4: -Section 5 in BANKING REGULATION ACT, 1949.

There is 1 question to complete.