Question
According to the Banking Regulation Act, 1949 what is
the requirement of minimum paid-up capital in case of a banking company incorporated outside India?Solution
Section 11 -Requirement as to minimum paid-up capital and reserves Section 11(2)(a) In the case of a banking company incorporated outside India - the aggregate value of its paid-up capital and reserves shall not be less than fifteen lakhs of rupees and if it has a place or places of business in the city of Bombay or Calcutta or both, twenty lakhs of rupees.
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