alleryStart learning →Under the 1949 Act, what was needed to open a new bank or branch?
AA licence from the RBI
BApproval of the state
CA SEBI registration
DA High Court order
Answer & Solution
Correct answer: A. A licence from the RBI
The Act provided that no new bank or branch could be opened without an RBI licence.
Keep practising Audit of Banks
Browse all Audit of Banks questions for CA Inter, or explore more Auditing topics.
Related questions
The RBI's main supervisory aim covers which institutions?What was the Sovereign Gold Bond meant to reduce?How do non-performing loans mainly hurt a bank?What does securitization of NPLs involve?What is another name for a bad bank in NPL management?A loan is generally non-performing when interest and principal are overdue by how long?From which date did NEFT become available 24x7?Which 2007 Act gives the RBI oversight of payment systems?