Section 23 of BRA : Section 23: Restrictions On Opening Of New, And Transfer Of Existing, Places Of Business
BRA
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Explanation using Example
Imagine a bank named "CityScape Bank" which operates in Mumbai, India. The bank wants to expand its operations by opening a new branch in Pune. According to Section 23 of The Banking Regulation Act, 1949, CityScape Bank cannot simply open this new branch without taking certain steps. Before proceeding, they must:
- Seek and obtain prior permission from the Reserve Bank of India (RBI).
- Provide the RBI with th...
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