Which type of entity does section 2(6) of the Banning of Unregulated Deposit Schemes Act, 2019…
Section 2(6) expressly excludes a banking company. The definition lists proprietorship concerns, associations of persons and co-operative societies as forms of entity that…
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Which type of entity does section 2(6) of the Banning of Unregulated Deposit Schemes Act, 2019 expressly exclude from the definition of a deposit taker?
Answer and explanation
Correct answer C
Section 2(6) expressly excludes a banking company. The definition lists proprietorship concerns, associations of persons and co-operative societies as forms of entity that may qualify when they receive or solicit deposits. It separately excludes specified co-operative banks.
Option feedback
Option A
A proprietorship concern is a listed form of deposit taker.
Option B
An association of persons is a listed form of deposit taker.
Option C
A banking company is expressly excluded by section 2(6).
Option D
A co-operative society is a listed form. The separate exclusion for co-operative banks does not exclude all co-operative societies.
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Madhya Pradesh ADPO