GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Under Section 5(a) of the Banking Regulation Act 1949, approved securities denote -
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The securities approved by IDBI
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Securities approved by Indian Banks Association
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Securities defined under section 20 of the Indian Trusts Act 1882
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None of these
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Explanation:
Detailed explanation-1: -(i) “Banking” does not include other commercial activities of the banking institution; Rustom Cavasjee Cooper v. Union of India, AIR 1970 SC 564. (ii) The essential characteristic of banking is the ability to receive money by way of deposit from the customers and also to honour the customers’ cheque.
Detailed explanation-2: -Section 7. Use of words “bank", “banker", “banking” or “banking company". Section 8. Prohibition of trading.
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