The provisions of General Reserve in Banking Companies are made keeping in view the provisions of
Under Section 17 of the Banking Regulation Act, 1949 (originally enacted as the Banking Companies Act, 1949), every banking company incorporated in India is statutorily…
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The provisions of General Reserve in Banking Companies are made keeping in view the provisions of
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Correct answer B
Under Section 17 of the Banking Regulation Act, 1949 (originally enacted as the Banking Companies Act, 1949), every banking company incorporated in India is statutorily required to transfer at least 20% (subsequently raised to 25% by RBI guidelines) of its disclosed annual profit to a Reserve Fund before declaring any dividend.
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UGC NET Commerce