Financial Awareness - Risk, Stability & Emerging Finance
Which of the following statements about banking is TRUE according to the Banking Regulation Act, 1949?
Which of the following statements about banking is TRUE according to the Banking Regulation Act, 1949?
medium Q7 of 15
Step-by-Step Solution
Step 1: Understand the scope of banking under the Act
Banking includes accepting deposits repayable on demand or otherwise and withdrawable by cheque.Step 2: Evaluate incorrect statements
Banking always involves deposits; lending without deposits is incomplete; foreign exchange is a part but not the whole banking.Final Answer:
Banking includes accepting deposits withdrawable by cheque → Option AQuick Check:
Banking under Act = deposits withdrawable by cheque ✅
Quick Trick: Remember cheque withdrawal is part of banking deposits.
Common Mistakes:
- Thinking banking excludes demand deposits or cheque withdrawals.
Master "Risk, Stability & Emerging Finance" in Financial Awareness
Start learning the concept with an interactive lesson.
Want More Practice?
15+ quiz questions · All difficulty levels · Free
Free Signup - Practice All QuestionsMore Financial Awareness Quizzes