GENERAL KNOWLEDGE

Detailed explanation-1: -(1) No company other than a banking company shall use as part of its name 41 [or in connection with its business] any of the words “bank”, “banker” or “banking” and no company shall carry on the business of banking in India unless it uses as part of its name at least one of such words.

Detailed explanation-2: -Introduction of banking regulation act 1949: The act came into force on March 16th 1949. It relates to various aspects vis-a-vis banking in India. The main objective of the banking regulation act is to ensure sound banking through regulations covering the opening of branches and the maintenance of liquid assets.