27. Plainly these ventures are not to be taken too seriously. But the recent activity of their promoters has raised some discussion in India as to whether it would not be for the public good to restrain them by legislation. In this matter, as is the case in so many (her governors knowing no other model), the legislation of India has followed the lines of Great Britain’s. Just as in this country there is no special law relating to the incorporation of Banks, so in India Banks are registered under the ordinary Joint Stock Companies Act. As a Bill to amend this Act has been to the front for some time, discussion has naturally centred round the question whether this opportunity should not be taken of introducing some suitable restrictions relating specifically to Banks.[121] While I am inclined to think that it would be more convenient to deal with this matter in a separate Bill, the important point is that decided action of some kind should be taken with the least possible delay. The Upper Indian Chamber of Commerce, in reply to an inquiry from Government in 1910, answered, very wisely, as follows:— The Committee feel very strongly that something more is needed (_i.e._, than in other Companies) in the case of Banks where the capital and confidence, not only of the shareholders but of the depositors, are involved. New Banks are springing up with alarming rapidity, with little share capital subscribed; these Banks are trading on the confidence of the depositor who is little versed in money matters but is attracted by the name “Bank” and wishes to earn interest on his savings.... The fear is that if one of these mushroom growths fails, others will follow, and the timid depositor, unable to discriminate between the sound and the unsound concerns, will make haste to get his money back from whatever Bank it is in, and his confidence in banking institutions thus rudely checked will take years to win back.