Question

The section of BR Act which uses the words "bank", "banker", "banking" or "banking company“

• A. 3
• B. 5
• C. 7
• D. 11

Answer 1

Answer:

C. 7

BR Act:

• The BR Act and the RBI Act empower the Reserve Bank to supervise and regulate the operations of all types of banks in India.

• Banking Companies Act 1949

• Act 10 of 1949

• Banking Companies Act was passed in : 10-3-1949

• Came into force in : 16-3-1949

• Banking Companies Act was renamed as Banking Regulation Act in : 1966

• Banking Regulation Act was applicable to Co-operative Societies in 1965 and came in to force on 1.3.1966

• Total Number Sections in BR Act - 56

• Total number of Schedules in BR Act - 5

• 5 parts

• 5 Schedules

Note:

Sec.7 - Use of words "bank", "banker", "banking" or "banking company“

• No company shall carry on the business of banking in India unless it uses as part of its name atleast one of such words