Q. Under Section 17 of the Banking Regulation Act 1949, every bankingcompany incorporated in India is required to transfer each year to a reserve fund a sum equivalent to not less than (Solved)
1. 10 per cent of profit before dividends;
2. 20 per cent of profit after interest tax and dividend;
3. 25 per cent of profit before dividends;
4. 5 per cent of gross profit
- c. 25 per cent of profit before dividends;