Section 5 of BRA : Section 5: Interpretation
BRA
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Explanation using Example
Imagine a scenario where a new financial startup, QuickCash Pvt. Ltd., is planning to offer financial services in India. They intend to accept deposits from the public and offer loans. To determine if they need to comply with the Banking Regulation Act, 1949, they refer to Section 5 of the Act.
Upon reviewing the definitions, QuickCash Pvt. Ltd. realizes that their business model falls under the definition of "banking" because they will be accepting deposits for the purpose of lending or investment, repayable on demand or otherwise, and withdrawable by various means such as c...
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