BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The opening of branches by banks is governed by the provisions of
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Section 23 of the Banking Regulation Act, 1949
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Section 24 of Reserve Bank of India Act, 1934
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Section 131 of the Negotiable Instruments Act, 1881
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Section 45 and Bank Nationalisation Act, 1969
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Explanation:
Detailed explanation-1: -The mandate and related documentation which forms the basis for effecting payments for such transactions carried out over the ATMs should be settled bilaterally between the bank and customers and the rights and obligations of each party should be clearly stated in the mandate and should be valid in the court of law.
Detailed explanation-2: -In terms of these provisions, banks without the prior approval of the RBI, cannot open a new place of business in India or abroad or change otherwise than within the same city, town or village, the location of the existing place of business.
There is 1 question to complete.