Question

An institution which deals with money or credit

• A. investment fund
• B. insurance company
• C. bank
• D. real estate agency

Answer 1

Answer:

C. bank

Definition of Banking:

• A bank is an institution which deals with money or credit. A person who is doing the banking business is called Banker.
• The following are some of the definitions given by authorities in this field;
• • According to Sec 5 (b) of Banking Regulations Act, 1949: "Accepting for the purpose of lending or investment, of deposits of money from the public, repayable on demand, order or otherwise and withdrawable by cheque, draft, order or otherwise."
  • According to Sec 5 (c) of the Banking Regulation Act, Banking Company is defined as "Any company which transacts the business of banking in India."
  • According to the Bill of exchange Act, 1882: "Banker includes a body of persons whether incorporated or not who carry on the business of banking."
  • According to NI Act sec 3: " The term banker includes any person acting as a banker and any post office savings bank. (It also may include corporation or a company)