direct tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 September 2010
explain the meaning of schedule
bank And financial institutions.
bank And financial institutions.
CMA Ramesh Krishnan
(Expert)
10 September 2010
Scheduled Banks in India constitute those banks which have been included in the Second Schedule of Reserve Bank of India(RBI) Act, 1934. RBI in turn includes only those banks in this schedule which satisfy the criteria laid down vide section 42 (6) (a) of the Act.
CMA Ramesh Krishnan
(Expert)
10 September 2010
Financial Institution means a Financial Institution as defined in clause (c) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934) and includes a chit fund company, a co-operative bank, a housing finance institution and a non banking financial company
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