Explain the provisions of restrictions on business of banking companies under the Banking regulation Act, 1949.
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The Banking Regulation Act, 1949 is a legislation in India that regulates all banking firms in India. Passed as the Banking Companies Act 1949, it came into force from 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. It is applicable in jammy and Kashmir from 1956.
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Explanation:
Section 20 in BANKING REGULATION ACT, 1949. 107 Restrictions on loans and advance. any company [not being a subsidiary of the banking company
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