The maximum number of partners in a firm carrying on banking business is 20. This is according to the Banking Regulation Act, 1949. The Act states that “no banking company shall have more than twenty partners.” This limit is in place to ensure that banks are well-capitalized and managed. It also helps to prevent fraud and other financial crimes.
Option A is incorrect because it is the number of partners allowed in a partnership firm. A banking company is a different type of legal entity, and it is subject to different rules and regulations.
Option B is incorrect because it is the number of partners allowed in a limited liability partnership. A banking company is not a limited liability partnership, and it is not subject to the same rules and regulations.
Option C is incorrect because it is the number of partners allowed in a public limited company. A banking company is not a public limited company, and it is not subject to the same rules and regulations.
Option D is the correct answer because it is the number of partners allowed in a banking company.