The Definition of „Banking‟ is given in _______ A. Negotiable Instrument Act, 1881 B. RBI Act, 1934 C. The Banking Regulation Act, 1949 D. Indian Contract Act, 1872 E. None of the Above
C. The Banking Regulation Act, 1949 Explanation: As per Section 5(b) of the Banking Regulation Act, 1949 , ―banking‖ means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdraw-able by cheque, draft, order or otherwise.