Definition of Banking

Q.  The Definition of ‘Banking’ is given in _______?
- Published on 08 Feb 17

a. Negotiable Instrument Act, 1881
b. RBI Act, 1934
c. Banking Regulation Act, 1949
d. Indian Contract Act, 1872

ANSWER: Banking Regulation Act, 1949
 
Banking Regulation Act, 1949

As per Section 5(b) of the Banking Regulation Act, 1949, “banking” means accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdraw-able by cheque, draft, and order or otherwise.

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