BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Societies Registration Act, 1860
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National Bank for Agriculture and Rural Development Act, 1981
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Securities and Exchange Board of India Act, 1992
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Banking Regulation Act, 1949
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Detailed explanation-1: -PACS are outside the purview of the Banking Regulation Act, 1949 and hence not regulated by the Reserve Bank of India. StCBs/DCCBs are registered under the provisions of State Cooperative Societies Act of the State concerned and are regulated by the Reserve Bank.
Detailed explanation-2: -Primary Agricultural Credit Society and cooperative land mortgage banks are excluded from the Act.
Detailed explanation-3: -Under the provisions of Section 23 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies), primary (urban) cooperative banks are required to obtain permission from the Reserve Bank of India for opening branches.
Detailed explanation-4: -Banking Regulation Act, 1949 is an Act that provides a framework for regulating the banks of India. The Act came into force on 16th March 1949. This Act gives RBI the power to control the behaviour of banks. This Act was passed as Banking Companies Act, 1949.
Detailed explanation-5: -Q. Which of the following banks is not regulated by Reserve Bank of India? State Bank of Sikkim is not regulated by Reserve Bank of India unlike other banks in India. State Bank of Sikkim is a state-owned banking institution headquartered at Gangtok, Sikkim, India.