Question

The term banking is defined in section _________.

• A. Section 5 of Banking Regulation Act
• B. Section 4
• C. Section 7
• D. None of these

Answer 1

The correct option is A Section 5 of Banking Regulation Act

As per Section 5(b) of the Banking Regulation Act, 1949 , "banking" means 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.