Banking Company - Indian Laws - General

As per section 5(c) of the Banking Regulation Act, 1949 Banking Company means any company which transacts the business of banking in India. Explanation.- Any company which is engaged in the manufacture of goods or carries on any trade and which accepts deposits of money from the public merely for the purpose of financing its business as such manufacturer or trader shall not be deemed to transact the business of banking within the meaning of this clause;