Section 7 of The Banking Regulation Act

Here we will see Section 7 of The Banking Regulation Act.

Use of words bank”, banker, bankingor  banking company.

(1) No company other than a banking company shall use as part of its name or in connection with its business any of the words bank, bankeror bankingand 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, bankingor 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 subsection (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).

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