BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Banking Regulation Act, 1949
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Banking Companies (Acquisition and Transfer of Undertakings) Acts 1970/1980
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RBI Act, 1935
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Nationalisation of Banks Act, 1980
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Detailed explanation-1: -According to Banking Companies Amendment Act 1994, the Government’s share in the paid up capital of public sector banks has been reduced to 51%. This means, public sector should minimum hold the government’s 51% share. For example: State Bank of India.
Detailed explanation-2: -Sections 45ZA to 45ZF of the Banking Regulation Act, 1949 (As applicable to co-operative societies) provide, inter alia, for the following matters: to enable a co-operative bank to make payment to the nominee of a deceased depositor, of the amount standing to the credit of the depositor.
Detailed explanation-3: -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. In 2020 it was amended to bring the cooperative banks under the supervision of the Reserve Bank of India.
Detailed explanation-4: -(2) The general superintendence, direction and management of the affairs and business of a corresponding new bank shall vest in a Board of Directors which shall be entitled to exercise all such powers and do all such acts and things as the corresponding new bank is authorised to exercise and do.