What is Section 6 of Banking Regulation Act?
What is Section 6 of Banking Regulation Act? Business allowed for a banking company (Section 6) Lending/Borrowing of money with/ without security, issuing travellers' cheque, buying & selling foreign exchange notes, deposits vaults, collecting & transmitting of money & securities, buying bonds and other securities on the behalf of customers. How long can a bank hold immovable property? —Notwithstanding anything contained in section 6, no banking company shall hold any immovable property howsoever acquired, except such as is required for its own use, for any period exceeding seven years from the acquisition thereof or from the commencement of this Act,...