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Question

As per section 7 of the Banking Regulation Act the provisions of this section shall not apply to__________________

A An associate company of the banking company Correct Answer Incorrect Answer
B A subsidiary of a banking company formed for one or more of the purposes mentioned in section 19 (1), whose name indicates that it is a subsidiary of that banking company Correct Answer Incorrect Answer
C Any association of banks formed for the protection of their mutual interests and registered under section 25 of the Companies Act, 1956 Correct Answer Incorrect Answer
D Both a & b Correct Answer Incorrect Answer
E Both b & c Correct Answer Incorrect Answer

Solution

Section 7. Use of words "bank", "banker", "banking" or "banking company": (3) Nothing in this section shall apply to-- (a) a subsidiary of a banking company formed for one or more of the purposes mentioned in sub-section (1) of section 19, whose name indicates that it is a subsidiary of that banking company; (b) any association of banks formed for the protection of their mutual interests and registered under section 25 of the Companies Act, 1956.

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