For an Indian bank, as per Section-11 of Banking Regulation Act, the minimum paid-up capital and reserves should be
(a) Rs. 5 lac, if the bank is having business in more than one state
(b) Rs. 10 lac, if business is in more than one state and includes Mumbai or Kolkata or both
(c) Rs. 2 lac, if place of business is in the state and does not included Mumbai or Kolkata
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Only (a), (b) and (c)
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Only (a) and (b)
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Only (b) and (c)
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All of the above
B
Correct answer
Explanation
For an Indian bank, as per Section-11 of Banking Regulation Act, the aggregate value of its paid-up capital and reserves shall not be less than:
(i) if it has places of business in more than one state, Rs. 5 lac, and if any such place or places of business is or are situated in the city of Bombay or Kolkata or both, Rs. 10 lac.
If it has all its places of business in one state, none of which is situated in the city of Bombay or Kolkata, Rs. 1 lac in respect of its principal place of business, plus Rs. 10 thousand in respect of each of its other places of business situated in the same district in which it has its principal place of business, plus Rs. 25 thousand in respect of each place of business situated elsewhere in the state, otherwise in the same district.