State the provisions of the banking regulation. Act,l949.
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- Banking Regulation Act gives the power to RBI to license the banks & also regulation of the shareholding
- It also grants power to RBI to conduct appointment of the boards & management members
- It also lays down directions for audits to be managed by RBI, control merging & liquidation
- RBI issues directives on banking policy in the interests of public good & can impose penalties
- Cooperative Banks were incorporated under this act in the amendment of 1965
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