Multiple choice

Section ________ of the Banking Regulations Act, 1949 defines banking as accepting for the purpose of lending or investment, of deposits, of money from the public, to be payable on demand or otherwise and withdrawal by cheque, draft, order or otherwise.

  1. 3(b)

  2. 4(b)

  3. 5(b)

  4. 6(b)
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Under Section 5(b) of the Banking Regulations 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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