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    Question

    In which section of the Banking Regulation Act, 1949, is

    it stated that banks are not allowed to provide loans or advances to any of their directors?┬а
    A Section 18 Correct Answer Incorrect Answer
    B Section 29 Correct Answer Incorrect Answer
    C Section 20 Correct Answer Incorrect Answer
    D Section 21 Correct Answer Incorrect Answer
    E Section 23 Correct Answer Incorrect Answer

    Solution

    Section 20 of the Banking Regulation Act 1949 deals with the "restrictions on loans and advances" to any of its directors. No banking company shall grant any loans or advances on the security of its shares.

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