Question

If a BD fails to make the required deposit in the Reserve Bank Account within 1 hour after the opening of banking business on the 2nd day following the computation, what will happen?

1) The BD will be fined
2) The BD will be given an extension
3) The BD will be exempted from making the deposit
4) The BD will be required to make the deposit on the next banking day

Answer 1

If a BD fails to make the required deposit in the Reserve Bank Account within 1 hour after the opening of banking business on the 2nd day following the computation, the BD will be required to make the deposit on the next banking day.

Step-by-step explanation:

If a BD fails to make the required deposit in the Reserve Bank Account within 1 hour after the opening of banking business on the 2nd day following the computation, the BD will be required to make the deposit on the next banking day.