Kumar Banking Business Section 6 of the Banking Regulation Act 1949 i Business of banking is the major business of the Banking company ii Borrowing of money lending of money with or without security dealing with Bill of Exchange ID: 1020374
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1. Banking BusinessBy Dr Pramod Kumar
2. Banking BusinessSection 6 of the Banking Regulation Act, 1949(i)Business of banking is the major business of the Banking company.(ii) Borrowing of money, lending of money, with or without security, dealing with Bill of Exchange, hundis, Bill of Lading [ B/L] or other such instruments.(iii) Issuing of LC (letter of credit ) and travellers cheques, Credit cards.(iv) Buying and selling of Foreign Exchange.(v) Purchasing or selling of debentures, shares etc
3. (yi) Providing safe-deposit vaults,(vii)Acting as agent of Government or local authority, clearing of goods.(viii) Participating in issuing of public or private issues or other shares, stocks etc. of Corporations.(ix) Carrying on every kind of guarantee and indemnity business (x)Undertaking and executing trusts ,(xi) undertaking the administration of estates as executer, trustee, etc;,
4. (xii) Making payments towards pensions, insurances, electric Bills, water Bills of customers, etc.(xiii) The Banking company may acquire construct and maintain buildings in running its business.(xiv) Sell, lease, mortgage or exchange the property of the Company.
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