Practice question
How does RA 8791 section 3.1 define banks?
- All entities selling merchandise on credit
- Entities engaged in lending funds obtained in the form of deposits
- Every entity accepting a gift
- Only government offices
- Only securities brokers
Legal references
- https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html — RA 8791, sections 3 and 6
- https://www.bsp.gov.ph/Regulations/Issuances/2020/c1105.pdf — BSP Circular 1105 (2020), digital-bank classification
Answer this question in flashcards to review your response and continue practicing.