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    Question

    As per the Banking Regulation Act the chairman shall exercise his powers subject to the superintendence, control and direction of the ___________________

    A Central Government Correct Answer Incorrect Answer
    B Board of Directors Correct Answer Incorrect Answer
    C Central Government in consultation of the RBI Correct Answer Incorrect Answer
    D RBI in consultation with the Central Government Correct Answer Incorrect Answer

    Solution

    Section 10B.   Banking company to be managed by whole time chairman: (1) Notwithstanding anything contained in any law for the time being in force or in any contract to the contrary, every banking company in existence on the commencement of the Banking Regulation (Amendment) Act, 1994 (20 of 1994), or which comes into existence thereafter shall have one of its directors, who may be appointed on a whole-time or a part-time basis as chairman of its Board of directors, and where he is appointed on a whole-time basis, as chairman of its Board of directors, he shall be entrusted with the management of the whole of the affairs of the banking company: Provided that the chairman shall exercise his powers subject to the superintendence, control and direction of the Board of directors.

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