When was the Banking Regulation Act passed?
Q. In which year was the Banking Regulation Act passed?- Published on 08 Feb 17a. 1949
b. 1955
c. 1959
d. 1969
ANSWER: 1949
The failure of about 600 banks in various states during 1913-1917 emphasized the need for the regulation and co-ordination of commercial banks and thus Banking Regulation Act was passed in 1949.
The Banking Regulation Act, 1949 is legislation in India that regulates all banking firms in India.
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 Act provides a framework using which commercial banking in India is supervised and regulated. The Act supplements the Companies Act, 1956. Primary Agricultural Credit Society and cooperative land mortgage banks are excluded from the Act.
