Under Section 17 of the Banking Regulation Act 1949, Every

Multiple Choice

Under Section 17 of the Banking Regulation Act 1949, every banking company incorporated in India is required to transfer each year to a reserve fund a sum equivalent to not less than

A) 10 per cent of profit before dividends;
B) 20 per cent of profit after interest tax and dividend;
C) 25 per cent of profit before dividends;
D) 5 per cent of gross profit