As per Banking Regulation Act every bank has to transfer _______% of profit to Statutory Reserve Fund Account.
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15
Answer:
20 per cent is the percentage
Answered by
1
Answer:
As per the Banking Regulation Act, every bank has to transfer 25% of profit to Statutory Reserve Fund Account.
Explanation:
Under section 17 given on 12th December 1974, all commercial banks in India have to transfer a minimum of 25% of the profits which are already disclosed to the Reserve fund.
The minimum required percentage was earlier 20%.
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