Question

List out important provisions governing accounts of banking company as per the banking regulation act 1949

Answer 1

Answer:

Explanation:

The following are the important provisions under Banking Regulation Act, 1949 regarding control and regulation of Banking Sector in India.

The requirements regarding the minimum paid-up capital and reserves for commence mint of banking business. Prohibition of charge on unpaid capital. Payment of Dividends only after writing off all Capitalized expenses.

Transfer to reserve fund out of Profits. (Minimum 20 per cent) Maintenance of cash reserves by the non- scheduled banks. (Minimum 3 per cent) Restrictions on holding shares in other companies.

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