A bank is defined as a commercial institution licensed as a receiver of deposits and give of loans both short and long term. Section 5(I)(b) of the Banking Regulation Act, 1949 defines banking as, “the accepting for the purpose of lending or investment, of deposits from the public, repayable on demand or otherwise, and withdrawal by cheque, draft, order or otherwise”, Section 5(I)(c) defines a banking company as, “any company which transacts the business of banking in India”.
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