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Section 17. Reserve Fund: (1) Every banking company incorporated in India shall create a reserve fund and shall, out of the balance of profit of each year as disclosed in the profit and loss account prepared under section 29 and before any dividend is declared, transfer to the reserve fund a sum equivalent to not less than twenty per cent of such profit.
Consider the following about Prevention of Money Laundering Act.
I. PMLA was enacted in 2002 and it came into force in 2005.
Which of the following term is not related to the banking industry?
Find the false statement with respect to Atal Pension Yojana.
What products does the India International Bullion Exchange (IIBX) plan to introduce soon?
Within one year of incorporation, what should be the ratio of net owned funds to the deposits for Nidhi companies?
How much amount was allocated to the Ministry of Rural Development in the Budget 2023-24?
Which one is the name given to the foreign currency account maintained by a bank abroad
Which type of message format is recommended by the IFSCA for faster processing of credit confirmation, as per the circular issued in January 2024?