{"id":7888,"date":"2013-01-29T07:37:38","date_gmt":"2013-01-29T07:37:38","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=7888"},"modified":"2024-04-12T14:13:53","modified_gmt":"2024-04-12T08:43:53","slug":"introduction-26","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/introduction-26\/","title":{"rendered":"Business Accounting tutorials | Introduction"},"content":{"rendered":"\n

Go back to Tutorial<\/a><\/p>\n\n\n

Introduction<\/p>\n

The Banking\u00a0 Regulation Act, 1949 and the Reserve Bank of India Act, 1934 governs the Banking system in India. The Reserve Bank of India and the Government of India are bestowed with the power to control banks. Example:-<\/p>\n

They control the functions of the banks from opening of banks to their winding up by virtue of the powers conferred to them.<\/p>\n

Defination of Banking <\/b><\/p>\n

As per Section 5(b) of Banking Regulation Act, 1949, Banking refers to the acceptance of deposit from the public for lending or investment purposes, repayable on demand or otherwise, and withdrawal by cheque, draft, orders, or otherwise<\/p>\n

The essential functions performed by a bank are acceptance of public deposits and lending or investment of such deposits. These deposits are repayable on demand or after a period of time as agreed by the banker and the customer. The banker can accept deposits of money and not anything else, here accepting deposits from the public indicates that a banker accepts deposits from anyone who offers money such purpose. The opening of accounts is subject to certain conditions like proper checking and identification. However, a bank can refuse to open account for an objectionable entity.<\/p>\n

\n

Test Your Skills By Taking Our Business Accountant Practice Tests On This Link<\/a><\/h3>\n

Apply for Business Accountant Certification Now!!<\/h3>\n

http:\/\/www.vskills.in\/certification\/Certified-Business-Accountant<\/a><\/p>\n<\/div>\n\n\n

Go back to Tutorial<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Go back to Tutorial Introduction The Banking\u00a0 Regulation Act, 1949 and the Reserve Bank of India Act, 1934 governs the Banking system in India. The Reserve Bank of India and the Government of India are bestowed with the power to control banks. Example:- They control the functions of the banks from opening of banks to…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[3333],"tags":[6716,2882,2883,1394,3326],"class_list":["post-7888","page","type-page","status-publish","hentry","category-business-accounting","tag-business-accountant","tag-business-accountant-certification","tag-certification-business-accountant","tag-introduction","tag-introduction-to-banking"],"acf":[],"yoast_head":"\nBusiness Accounting tutorials | Introduction - Tutorial<\/title>\n<meta name=\"description\" content=\"Introduction. 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