Under the Banning of Unregulated Deposit Schemes Act, 2019, a partnership firm is a deposit taker:
BUDS s.2(6)(iii) makes a partnership firm a deposit taker whether registered or not under the Indian Partnership Act, so registration status or RBI approval is irrelevant.
Choose your answer
Under the Banning of Unregulated Deposit Schemes Act, 2019, a partnership firm is a deposit taker:
Answer and explanation
Correct answer C
BUDS s.2(6)(iii) makes a partnership firm a deposit taker whether registered or not under the Indian Partnership Act, so registration status or RBI approval is irrelevant.