As per section 7 of the Banking Regulation Act the

Solution

Banking Regulation Act 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.