BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Under which section of Banking Regulation Act, 1949, every banking company has to submit annual statement of all those accounts which are lying under inoperative category for the last 10 years to RBI?
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17
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25
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19(2)
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26
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Explanation:
Detailed explanation-1: -Section 10. Prohibition of employment of managing agents and restrictions on certain forms of employment. Section 10A. Board of directors to include persons with professional or other experience.
Detailed explanation-2: -Section 5 in BANKING REGULATION ACT, 1949.
Detailed explanation-3: -(b) “banking” means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawal by cheque, draft, order or otherwise; (c) “banking company” means any company which transacts the business of banking in India; Explanation.
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