Publisher's Synopsis
INTRODUCTION
1.1 Rationale:
Ranking in India was defined under Section 5(A) as "any company which transacts
banking, business" and the purpose of banking business defined under Section
5(B)," accepting deposits of money from public for the purpose of lending or
investing, repayable on demand through cheque /draft or otherwise". In the process of
doing the above-mentioned primary functions, they are also permitted to do other
types of business referred to as Utility Services for their customers (Banking
Regulation Act, 1949).
