BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Banking Firms Act, 1949
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Banking Companies Act, 1949
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Banking Units Act, 1949
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None
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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: -Initially, the Banking Regulation Act was passed as Banking Companies Act, 1949. But with the introduction of the Banking Laws (Application To Co-operative Societies) Act, the word Companies was omitted and the word Regulation was added to the title of the Banking Regulation Act, 1949.
Detailed explanation-3: -(b) “banking” means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawal by cheque, draft, order or otherwise; (c) “banking company” means any company which transacts the business of banking 10 [in India].
Detailed explanation-4: -2. The word “Companies” omitted by Act 23 of 1965, Section 10 w.e.f. 1-3-1966. (1) This Act may be called the Banking 1[Regulation] Act, 1949.