Discussion
Which section of Banking Regulation Act, 1949 related with amalgamation of two banking companies ?
Answer: B
Correct answer: Section 44A
Section 44A of the Banking Regulation Act, 1949 governs the voluntary amalgamation of two banking companies: the scheme has to be approved by a two-thirds majority of the shareholders of each bank and then sanctioned by the Reserve Bank. Sections 391 to 394 belong to the Companies Act and apply to companies generally, not to banks.
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