Section 2(b)

(b) “banking company ” means any company which transacts the business of banking in India and includes the State Bank 5[and a subsidiary bank] , but does not include the 6[Tamil Nadu Industrial Investment Corporation Limited]. Explanation .-Any company whic h is engaged in the manufacture of goods or carries on any trade and which accepts deposits of money from the public merely for the purpose of financing its business as such manufacturer or trader shall not be deemed to transact the business of b anking within the meaning of this clause;