Question

Write Short Notes on Powers of RBI under Banking Regulation Act, 1949.

Answer 1

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 jammu and Kashmir from 1956. Initially, the law was applicable only to banking companies. But, 1965 it was amended to make it applicable to cooperative banks and to introduce other changes.

The Banking regulation Act, 1949An Act to consolidate and amend the law relating to bankingCitationAct No. 10 of 1949Territorial extentWhole of IndiaEnacted byParliament of IndiaDate enacted10 March 1949Status: In force