BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1949
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1970
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1956
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1966
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Detailed explanation-1: -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. It is applicable in Jammu and Kashmir from 1956. Initially, the law was applicable only to banking companies.
Detailed explanation-2: -[10th March, 1949] An Act to consolidate and amend the law relating to banking 2[***].
Detailed explanation-3: -An Overview: Banking Regulation Act, 1949 Passed as the Banking Companies Act 1949, it came into power from Sixteen March 1949 and changed to Banking Regulation Act 1949 from first March 1966.
Detailed explanation-4: –(1) No co-operative society other than a co-operative bank shall use as part of its name or in connection with its business any of the words “bank”, “banker” or “banking”, and no co-operative society shall carry on the business of banking in India unless it uses as part of its name at least of such words.
Detailed explanation-5: -(1) This Act may be called the Banking 1 [Regulation] Act, 1949.