Section 2 of RBI Act : Section 2: Definitions
RBI Act
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Explanation using Example
Imagine a scenario where a business owner is seeking a loan to expand their operations. They approach a scheduled bank, which is a bank listed in the Second Schedule of the Reserve Bank of India Act, 1934, for the financial assistance they need. The bank reviews the application, and in doing so, refers to the definitions provided in the Act to ensure compliance with the regulatory requirements.
For example, the bank may check the current **Consumer Price ...
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