Banking Regulation Act, 1949
What is the 35a banking regulation?
Section 35A of the Banking Regulation Act lets the Reserve Bank of India check and supervise cooperative banks.
What is the Banking Regulation Act, 1949 Amendment 1965?
The 1965 Amendment to the Banking Regulation Act made changes to include cooperative societies in banking regulations.
What is Section 9 of the Banking Regulation Act, 1949?
Section 9 of the Banking Regulation Act allows the Reserve Bank of India to give licenses to banks so they can do banking work.
What is the main objective of Banking Regulation Act, 1949?
The main objective is to regulate and manage the operations of all banking corporations in India.
Who has the authority to issue instructions to the banks in India for audits?
The Central Bank or Reserve Bank of India has the authority to issue instructions to the banks in India for audits.
Describe the roles that RBI has to perform under the Banking Regulation Act of 1949?
As per Banking Regulation Act, 1949, RBI acts as a regulator, controller and supervisor. It generates license to various banks, issue instructions to the banks for audits, regulates the functioning of the banks and if required, facilitates quick mergers and acquisitions.
Who is known as the Father of the Bank?
The father of the bank is Maidavolu Narasimham. He established first bank and was also appointed as the 13th governor of the Reserve Bank of India.
What is the enactment date of the Banking Regulation Act, 1949?
It came into force on 10 March, 1949.
References:
- INDIA CODE
- Ministry of Finance
- National Bank For Agriculture And Rural Development
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Banking Regulation Act, 1949: Features, Objectives and Provisions
The Banking Regulation Act was passed by the Indian Parliament in 1949. The Banking Regulation Act, 1949 is like a rulebook for banks in India. It sets out the important rules they have to follow to keep things running smoothly. This article explores its key features, objectives, and provisions for a comprehensive understanding.
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