Multiple choice

Section 45s of RBI Act relates to which of the following?

  1. Prohibits unincorporated association of persons from accepting deposits from public

  2. Prohibits banks from accepting deposits from public

  3. Allows government companies to accept deposits from public

  4. Restricts the banks to pay counter interest
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A Correct answer
Explanation

Section 45s of RBI Act relates to 'deposits not to be accepted in certain cases'. Under this, no person, being an individual or a firm or an unincorporated association of individuals, shall accept any deposit. Thus, option 1 is correct.

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