Banking regulation act, 1949, does not at all apply to
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Law that controls banking companies in India dosen't fully apply to State Bank of India (SBI).
Where other government-owned lenders and local rural banks (RRBs) which is Reserve Bank of India (RBI).
RBI governor Urjit Patel’s on March 14 told that the regulator didn’t has much control over state banks as it over private banks in context of fraud at PNB.
“Certain Provisions Act are made applicable to such banks through Section 51 of Banking Regulation Act, 1949” said the person above explaining on powers RBI has over private banks not state-run ones.
Apart items of legislation apply to SBI state-owned lenders and RRBs.
The Banking Regulation Act, 1949 is a legislature in India that controls all banking organizations in India.
Initially, the regulation was pertinent only to Indian banks.
But, in the year 1965 the rule was amended. Presently, the regulation is applicable to cooperative banks, and some other changes are introduced.
Banking regulation act, 1949, does not apply for Jammu and Kashmir.