Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 7 – The Banking Regulation Act,1949

The Banking Regulation Act,1949

Section 7. Use of words “bank”, “banker”, “banking” or “banking company”

1[Use of words “bank”, “banker”, “banking” or “banking company”. (1) No company other than a banking company shall use as part of its name 2[or in connection with its business] any of the words “bank”, “banker” or “banking” and no company shall carry on the business of banking in India unless it uses as part of its name at least one of such words.

(2) No firm, individual or group of individuals shall, for the purpose of carrying on any business, use as part of its or his name any of the words “bank”, “banking” or “banking company”.

(3) Nothing in this section shall apply to.

(a) a subsidiary of a banking company formed for one or more of the purposes mentioned in sub-section (1) of section 19, whose name indicates that it is a subsidiary of that banking company;

(b) any association of banks formed for the protection of their mutual interests and registered under section 25 of the Companies Act,1956 (1 of 1956).]

——————–

1. Subsituted by Act 55 of 1963, Section 7, for the former section 7 w.e.f. 1-2-1964.

2. Inserted by Act 1 of 1984, Section 14 w.e.f. 15-2-1984

Previous | Next

The Banking Regulation Act,1949

Indian Laws – Bare Acts

MyNation

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2024 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation