Discussion
The statement of Banking Definition is given by
Answer: D
Correct answer: All of these
There is no single statutory definition of banking accepted everywhere, so the textbooks quote several authorities together - Hart, Whitehead and Kinley among them - each capturing the same essentials from a different angle.
What the definitions have in common is the two elements the law also relies on: accepting deposits from the public, repayable on demand or otherwise, and lending or investing those deposits. Section 5(b) of the Banking Regulation Act, 1949 puts the same two elements into statutory form for India.
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