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GK MCQs Section
Q. Which of the following is correct statement about Local Area Banks (LABs)?
Answer: They are non-scheduled Banks predominantly operating in semi-urban and rural areas
Notes: A Local Area Bank is a public limited company under the Companies Act, 1956 (now Companies Act, 2013). However, they are licensed under the Banking Regulation. The Local Area Banks are the only type of Non-Scheduled Banks in India.
This question is part of Banking Awareness - 2025-26 course in GKToday's Android Application. The Course comprises 2400+MCQs on Banking & General Financial Awareness with explanation for All Banking Exams of 2025-26 such as IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Banking Examinations.
📌 Question Number: 1 in 15 - Local Area Banks in the above course in App.