Under Section 17 of the Banking Regulation Act 1949, every banking company incorporated in India is required to transfer each year to a reserve fund a sum equivalent to not less than
A)10 per cent of profit before dividends;
B)20 per cent of profit after interest tax and dividend;
C)25 per cent of profit before dividends;
D)5 per cent of gross profit

Question

Quizplus · Accepted Answer

The Answer of Under Section 17 of the Banking Regulation Act 1949, every banking company incorporated in India is required to transfer each year to a reserve fund a sum equivalent to not less than
A)10 per cent of profit before dividends;
B)20 per cent of profit after interest tax and dividend;
C)25 per cent of profit before dividends;
D)5 per cent of gross profit

Under Section 17 of the Banking Regulation Act 1949, Every