Under the Banking Regulation Act, 1949, the term 'banking' is defined in which section?

Section 5(1)(b) of the Banking Regulation Act, 1949 defines 'banking' as accepting, for the purpose of lending or investment, deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise. This definition is foundational because it distinguishes a banking company from other financial entities. The acceptance of deposits from the public coupled with the lending/investment purpose is the essence of banking. Only entities carrying on this business qualify as banking companies under the Act.