Section 7   [ View Judgements ]

Substitution of new section for section 7

For section 7 of the principal Act, the following section shall be substituted, namely:-

"7.Use of words "bank", "banker", "banking" , or "banking company".- (1) No company other than a banking company shall use as part of its name any of the words "bank', or 'banking' and no company shall carry on the business of banking in India unless it uses as part of its name at least of one of such words.

(2) No firm, individual or group of individuals shall, for the purpose of carrying one any business, use as part of its or his name any of the words 'bank', 'banking' or 'banking company'.

(3) Nothing in this section shall apply to-

(a) a subsidiary of a banking company formed for one or more of the purposes mentioned in sub-section (1) of section 19, whose name indicates that it is a subsidiary of that banking company;

(b) any association of banks formed for the protection of their mutual interests and registered under section 25 of the Companies Act, 1956." (1 of 1956.).

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