Ca final : the banking regulation act, 1949

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Rohan S. Shah (Querist)
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29 April 2013 As per section 7, The Banking Regulation Act, 1949 restricts the use of the terms "bank", "banking", "banker" or "banking company" other than by a banking company.

My question is how can a "Blood Bank" or an "Eye Bank" use the word "Bank"?
Are they excluded from the purview of the Act?

Waiting for earliest reply........

CA Vikas Acharya

CA Vikas Acharya (Expert)
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30 April 2013 sub section(1) No company
other than a banking company
sub section (2)No firm, individual or group of individuals

these above are restricted in the BRA,1949

and a blood bank or a eye bank is not any of the above, hence can use this word.

Rohan S. Shah

Rohan S. Shah (Querist)
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30 April 2013 Dear Sir,

Thank You for your reply....

But I still have a doubt regarding the type / form of organization these blood bank and eye banks are ?

Waiting for earliest reply....

CA Vikas Acharya

CA Vikas Acharya (Expert)
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30 April 2013 THESE BANKS ARE JUST NAME OF FACILITIES PROVIDED BY MANY ORGANISATION , WHICH MAY BE A HOSPITAL, CHARITABLE OR RELIGIOUS TRUST, A GROUP OF PEOPLE, UNINCORPORATED AOP OR SOCIETIES ETC,

SO IT DEPENDS WHO'S PROVIDING THE SERVICE.
BLOOD BANK ITSELF IN NOT ANY PERSON.

Rohan S. Shah

Rohan S. Shah (Querist)
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30 April 2013 I sincerely thank you sir for your reply....

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