CA Inter P2 · Chapter 5 · Question 3 of 10
Under section 73(1), the provisions of Chapter V on acceptance of deposits do NOT apply to:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) A banking company
Explanation
Section 73(1) provides that the provisions of Chapter V do not apply to a banking company, a non-banking financial company as defined in the Reserve Bank of India Act, 1934, a housing finance company registered with the National Housing Bank, and other notified companies. Such entities are governed by their own regulators.
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