Module: General Practice
Q4: Which act defines the banks that are not included in the Reserve Bank of India (RBI) Act, 1934, and are thus considered Non-Scheduled Banks?
✅ Correct Answer: B
Banking Regulation Act, 1949.
Non-Scheduled Banks are defined in the Banking Regulation Act, 1949, under clause (c) of Section 5. Legal definitions like this shape the regulatory framework of the Banking Structure in India.
Non-Scheduled Banks are defined in the Banking Regulation Act, 1949, under clause (c) of Section 5. Legal definitions like this shape the regulatory framework of the Banking Structure in India.