GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Accepting deposits (Resources)
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Lending or Investing the Resources
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Both (a) and (b)
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Lending the Resources
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Detailed explanation-1: -As per Section 5(b) of the Banking Regulation Act, 1949, “banking” means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdraw-able by cheque, draft, order or otherwise.
Detailed explanation-2: -Section 7. Use of words “bank", “banker", “banking” or “banking company". Section 8. Prohibition of trading.
Detailed explanation-3: -BR Act was made applicable to Cooperative societies-under the provision of Sec 56. otherwise. instrument, granting of letter of credits, providing safe deposit lockers, hold any property for the purpose of security against loans, acquisition, construction, maintenance of any building for the purpose of the bank etc.