"banking company means any company which transact the
business of banking". elucidate, what is the business of
banking as elaborated in the banking companies ordinance,
1962?
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Answer / Nitish Saxena
According to the Banking Companies Ordinance, 1962, a banking company refers to any company that carries on or transacts the business of banking. The business of banking is defined broadly and includes accepting deposits, making advances, discounts, and loans, issuing bank notes, receiving deposits and effecting payments on behalf of others, dealing in foreign exchange, opening letters of credit, collecting bills, and doing all such other acts as are commonly done by banks. The objective is to facilitate the smooth flow of money, promote economic development, and maintain financial stability.
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