Banking Company - Definition - Law Dictionary Home Dictionary Definition banking-company

Definition :

Banking company, shall have same meaning assigned to it in clause (c) of s. 5 of the Banking Regulation Act, 1949 (10 of 1949) [Income Tax Act, 1961 (43 of 1961), s. 47 (vi-aa) Exp. (i).]

--'Banking company' means a banking company as defined in the Banking Regulation Act, 1949. S. 5(c) of the Act of 1949 defines a banking company to mean any company which transacts the business of banking in India (subject to the provision contained in the Explanation to the section). Thus, in order that a bank may be a banking company, it is in the first place necessary that it must be a 'company', State Bank of Travancore v. Mohammed Mohammed Khan, AIR 1981 SC 1744: (1982) 1 SCR 338: (1981) 4 SCC 82 (88).

does not include a foreign company within the meaning of s. 591 of the Companies Act, 1956. [Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), s. 2 (a)]

means any company which transacts the business of banking in India. [The Banking Regulation Act, 1949 (10 of 1949), s. 5 (c)]

shall have the meaning assigned to it in clause (c) of s. 5 of the Banking Regulation Act, 1949 (10 of 1949). [Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), s. 2 (e)]

shall have the meaning assigned to it in clause (c) of s. 5 of the Banking Regulation Act, 1949 (10 of 1949). [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, s. 2 (1) (d)]

Banking company, means a company which is an authorized institution, Halsbury's Laws of England, Vol. 7(1), 4th Edn., Para 873, p. 642.

Banking company, means a company which is an authorized institution, Halsbury's Laws of England, Vol. 3(1), 4th Edn., Para 10, p. 9.