The correct option is C The Banking Regulation Act, 1949. 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.
The term banker is defined under Section 3 of the Negotiable Instruments Act which states that it includes any person acting as a banker. Thus, a banker is a person who is involved in the activities comprising of: Issuing and paying of cheques. Take Deposits of Saving and Current Account. Grants Loan.
Banking law may be defined as the laws and regulations governing the legal relationships between banks inter se, between the banks and their customers,
Banking law and law
Topics referred to by the same term
Civil legal system involving relationships between individuals
Private law is that part of a civil law legal system which is part of the la>jus commune that involves relationships between individuals, such as the law of contracts and torts, and the law of obligations. It is to be distinguished from public law, which deals with relationships between both natural and artificial persons and the state, including regulatory statutes, penal law and other law that affects the public order. In general terms, private law involves interactions between private individuals, whereas public law involves interrelations between the state and the general population.
Illinois General Banking Law Amendment
Topics referred to by the same term
Civil legal system involving relationships between individuals
Private law is that part of a civil law legal system which is part of the la>jus commune that involves relationships between individuals, such as the law of contracts and torts, and the law of obligations. It is to be distinguished from public law, which deals with relationships between both natural and artificial persons and the state, including regulatory statutes, penal law and other law that affects the public order. In general terms, private law involves interactions between private individuals, whereas public law involves interrelations between the state and the general population.
