Legal Question in Banking Law in India
is punjab national bank is a financial institution or a banking institution
Asked on 9/27/12, 12:05 am
2 Answers from Attorneys
Aniruddha Pawse
Aniruddha.P.Pawse Advocates
banking institution
Answered on 9/27/12, 3:54 am
J. Radhakrishnan
independent Practice
It is a nationalized Bank. When we refer to a bank we don't add institution. The word 'Public Financial Institution is defined in Sec.4A of the Companies Act. A bank may be loosely called as a financial institution. But legally speaking the Recovery of Debts due to Banks and Financial Institutions Act, 1993 defines bank separately as distinct from a financial institution .Pl. see sec. 2(d) and (h) in that Act.
Answered on 9/27/12, 12:43 pm
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