Under the definition of “banking” in Section 5(b) of the Banking Regulation Act, 1949, deposits accepted by a banking company must be for the purpose of lending or investment and be repayable on demand or otherwise, and withdrawable by which of the following modes?

Section 5(b) defines “banking” as the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise. The phrase “or otherwise” keeps the definition technology-neutral and wide, so the correct option is the one covering cheque, draft, order or otherwise. Restricting it to a single mode such as only cheques or only electronic transfer is contrary to the statutory language. This definition is the foundation for distinguishing a banking company from entities that merely accept deposits to finance their own trade, as clarified in the Explanation to Section 5(c).