BANKING AFFAIRS

Detailed explanation-1: -The bank would be registered as a public limited company under the Companies Act, 1956. It would be licensed under the Banking Regulation Act, 1949 and would be eligible for inclusion in the Second Schedule of the Reserve Bank of India Act, 1934.

Detailed explanation-2: -The Section 1(4)(c) of the Companies Act, 2013 expressly states that the Act is applicable to banking companies as well, to the extent that it is consistent with the Banking Regulation Act, 1949.

Detailed explanation-3: –(1) No co-operative society other than a co-operative bank shall use as part of its name or in connection with its business any of the words “bank”, “banker” or “banking”, and no co-operative society shall carry on the business of banking in India unless it uses as part of its name at least of such words.

Detailed explanation-4: -Commercial Banks refer to both scheduled and non-scheduled commercial banks which are regulated under Banking Regulation Act, 1949.

Detailed explanation-5: -Different types of banks, such as commercial banks, cooperative banks, rural banks, and private sector banks exist in India. The Reserve Bank of India (RBI) is the governing body for regulating and supervising the banks. Banking Regulation Act, 1949 is an Act that provides a framework for regulating the banks of India.