[Solved] 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

Q.	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
Answer» C. 25 per cent of profit before dividends;

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