Multiple choice

Banking means acceptance of deposits for the purpose of lending and investments under which of the following sections of the Banking Regulation Act?

  1. 6 (c) (i)

  2. 5 (b)

  3. 5 (c)

  4. 5 (d)
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Under Section 5 (b) in 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 withdrawal by cheque, draft, order or otherwise.

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