General Knowledge · General Awareness
Banking laws differentiate between scheduled and non-scheduled banks in terms of reserve requirements. Which section of the law mandates that every non-scheduled banking company must maintain a daily cash reserve with itself or with the RBI?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Section 18 of the Banking Regulation Act, 1949✓
- 2Section 24 of the Banking Regulation Act, 1949
- 3Section 42 of the RBI Act, 1934
- 4Section 22 of the RBI Act, 1934
Correct answer
Section 18 of the Banking Regulation Act, 1949
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