Deposit Taking Business
Legal definition for Indian law research
Definition
Deposit-taking business, a business is a deposit-taking business of the purposes of the Banking Act, 1987 if (1) in the course of the business money received by way of deposit is lent to others, or (2) any other activity of the business is financed, wholly or to any material extent, out of the capital of or the interest on money received by way of deposit, Halsbury's Laws of England 3(1), para 25, p. 22.
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