1[7. Use of words "bank ", "banker ", "banking " or "banking company ".—(1) No company other than a banking company shall use as part of its name 2[or in connection with its business] any of the words "bank ", "banker " or "banking " and no company shall carry on the business of banking in India unless it uses as part of its name at least one of such words.

(2) No firm, individual or group of individuals shall, for the purpose of carrying on any business, use as part of its or his name any of the words "bank ", "banking " or "banking company ".

(3) Nothing in this section shall apply to—