Economics · Banking and Finance
Choose the correct statements regarding banking regulations and practices in India:
(A) Chain banking indicates a form of bank cartel that occurs when a small group of people control at least three banks that are independently chartered.
(B) A PAN card or Aadhaar is required for cash deposits in a commercial bank of Rs. 50,000 and above.
(C) Upon detection of counterfeit notes at the counter, the bank can impound the note and issue a receipt.
(D) The interest rates on a bank's contribution to the Rural Infrastructure Development Fund are fixed by NABARD.
(E) The RBI Act, 1934 allows the making or issuing of a promissory note expressed to be payable to the bearer thereof.
(A) Chain banking indicates a form of bank cartel that occurs when a small group of people control at least three banks that are independently chartered.
(B) A PAN card or Aadhaar is required for cash deposits in a commercial bank of Rs. 50,000 and above.
(C) Upon detection of counterfeit notes at the counter, the bank can impound the note and issue a receipt.
(D) The interest rates on a bank's contribution to the Rural Infrastructure Development Fund are fixed by NABARD.
(E) The RBI Act, 1934 allows the making or issuing of a promissory note expressed to be payable to the bearer thereof.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(B), (D), and (E) only
- 2(B) and (C) only✓
- 3(A), (D), and (E) only
- 4(A), (B), and (C) only
Correct answer
(B) and (C) only
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