Multiple choice

No person other than a bank is authorized to accept deposits in India, that are withdrawable by ________ as per provisions of Section ______ of ______.

  1. cheque, 26A, Banking Regulation Act

  2. cheque, 49A, Banking Regulation Act

  3. withdrawal, 49A, RBI Act

  4. cheque, 26A, RBI Act
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

According to Section 49A , Restriction on acceptance of deposits withdrawable by cheque, no person other than a banking company, the Reserve Bank, the State Bank of India or any other banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank shall accept from the public deposits of money withdrawable by cheque: provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.

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