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      Question

      The IFSC Banking Unit (IBU) can be established under

      which of the following?
      A The Banking Act, 1935 Correct Answer Incorrect Answer
      B The Banking Regulation Act, 1949 Correct Answer Incorrect Answer
      C The Deposit Insurance and Credit Guarantee Corporation Act, 1961 Correct Answer Incorrect Answer
      D The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 Correct Answer Incorrect Answer
      E The Export Import Bank of India Act, 1981 Correct Answer Incorrect Answer

      Solution

      IFSC Banking Unit or an “IBU” means a bank permitted by the Reserve Bank of India under the Banking Regulation Act, 1949 to operate from an International Financial Services Centre (IFSC).

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