Non-scheduled banks are defined in which of the following acts?
Non-scheduled banks are defined in which of the following acts?
[A]Banking Regulation Act, 1949
[B]RBI Act 1934
[C]Banking Companies Act, 1949
[D]None of the above
Banking Regulation Act, 1949The banks that are not included in the Reserve Bank of India (RBI) Act, 1934 are defined in the clause (c) of Section 5 of the Banking Regulation Act, 1949. These banks are not eligible for having loans from RBI for meeting their day to day general requirements. Only in emergency conditions , these banks can be granted loans from RBI.