As per Sec 17 of the Banking Regulation Act how much percent bank has to transfer the balance of pro...........

Professional Legal Knowledge Banking Regulation Act

As per Sec. 17 of the Banking Regulation Act how much percent bank has to transfer the balance of profit of each year profit to reserve fund account:

not less than 10%

not less than 15%

not less than 20%

not less than 25%

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Explanation:

Every banking company incorporated in India shall create a reserve fund and shall, out of the balance of profit of each year as disclosed in the profit and loss account prepared under section 29 of act and before any dividend is declared, transfer to the reserve fund a sum equivalent to not less than twenty per cent of such profit.