BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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16th March 1949
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10th March 1949
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12th March 1950
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6th March 1950
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Detailed explanation-1: -Detailed Solution. The Banking Regulation Act was passed in India in the year 1949. The act regulates all the banking firms in India. It came into effect on 16 March 1949 and was applicable in Jammu and Kashmir from 1956.
Detailed explanation-2: -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-3: -(1) This Act may be called the Banking 1 [Regulation] Act, 1949.
Detailed explanation-4: -[10th March, 1949] An Act to consolidate and amend the law relating to banking 2[***].
Detailed explanation-5: -But when the deposits started increasing in the Coop sector, BR Act was made applicable to Coop banks also, with effect from1 March 1966 with a nomenclature-BR Act 1949 (As Applicable to Coop Societies). This Act gives supervisory and regulatory powers to RBI over the Coop banks .