Under the provisions of Section.....of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), primary (urban) cooperative banks are required to obtain permission from the Reserve Bank of India for opening branches.

BANKING GENERAL KNOWLEDGE

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

Under the provisions of Section____of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), primary (urban) cooperative banks are required to obtain permission from the Reserve Bank of India for opening branches.

A	Section 25
B	Section 45
C	Section 52
D	Section 23

Explanation:

Detailed explanation-1: -Under the provisions of Section 23 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), primary (urban) cooperative banks are required to obtain permission from the Reserve Bank of India for opening branches.

Detailed explanation-2: -Section 10BB. Power of Reserve Bank to appoint chairman of the Board of directors appointed on a whole-time basis or a managing director of a banking company. Section 10C. Chairman and certain directors not to be required to hold qualification shares.

Detailed explanation-3: -The major provisions are such as Payment of Commission, Brokerage, Prohibition of Trading, Capital Structure, Non-Banking Assets, Minimum Capital and reserves, etc.

Detailed explanation-4: -Section 20 of Banking Regulation Act, 1949 (B.R. Act, 1949) prohibits banks from granting any loan or advance to any of its Directors.

There is 1 question to complete.