BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Holidays for the Banks are declared as per which of the following Act
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Reserve bank Act
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Banking Regulation Act-1949
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Negotiable instrument Act-1881
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Companies Act-1956
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Explanation:
Detailed explanation-1: -A bank holiday in India is a public holiday which is declared specially for banks and other financial institutions. Not all public holidays are classified as bank holidays-bank holidays are declared by Central/State Governments/ Union Territory under the Negotiable Instruments (NI) Act, 1881.
Detailed explanation-2: -Section 25 of Negotiable Instruments Act 1881: “When day of maturity is a holiday” When the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the next preceding business day.
Detailed explanation-3: -Section 138 in The Negotiable Instruments Act, 1881.
There is 1 question to complete.