Loans received from a co-operative bank are excluded from "deposit" under which of the following…
Section 2(4)(a) of the Banning of Unregulated Deposit Schemes Act excludes amounts received as loan from a scheduled bank or a co-operative bank from the definition of…
Choose your answer
Loans received from a co-operative bank are excluded from "deposit" under which of the following provisions of the Banning of Unregulated Deposit Schemes Act, 2019?
Answer and explanation
Correct answer A
Section 2(4)(a) of the Banning of Unregulated Deposit Schemes Act excludes amounts received as loan from a scheduled bank or a co-operative bank from the definition of deposit, not section 2(4)(b), section 3, or section 7.