New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Under which section of the Banking Regulation Act, 1949,

    were the penalties on Axis Bank, ICICI Bank, and other banks imposed?
    A Section 35 Correct Answer Incorrect Answer
    B Section 42 Correct Answer Incorrect Answer
    C Section 47A(1)(c) Correct Answer Incorrect Answer
    D Section 36AA Correct Answer Incorrect Answer
    E Section 45L Correct Answer Incorrect Answer

    Solution

    All listed penalties on the banks (Axis Bank, ICICI Bank, Bank of Maharashtra, IDBI Bank, and Bank of Baroda) were issued under Section 47A(1)(c) of the Banking Regulation Act, 1949, which authorizes the RBI to penalize non-compliance with its directions.

    Practice Next