BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Banking Regulation Act came into force w.e.f.
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1st April, 1934
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1st July 1956
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16th March 1949
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26th March 1950
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Explanation:
Detailed explanation-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.
Detailed explanation-2: -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-3: -(1) This Act may be called the Banking 1 [Regulation] Act, 1949.
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