New Upcoming Legal Jobs Free Workshop March 11 at 5 PM. Register here

    Question

    No company other than a banking company shall use as

    part of its name or, in connection with its business nor shall any company carry on the business of banking in India unless it uses as part of its name at least one of the ________________ words 
    A Bank Correct Answer Incorrect Answer
    B Bank or Banking Correct Answer Incorrect Answer
    C Bank, Banker or Banking Correct Answer Incorrect Answer
    D Bank, Banker or Banking or Banking Company Correct Answer Incorrect Answer

    Solution

    Banking Regulation Act Bank, Banker or Banking or Banking Company, Reason: Section 7- Use of words "bank", "banker", "banking" or "banking company"- No company other than a banking company shall use as part of its name or, in connection with its business any of the word’s "bank", "banker" or "banking" and no company shall carry on the business of banking in India unless it uses as part of its name at least one of such words.

    Practice Next