BANKING AFFAIRS

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: -The Banking Regulation Act was passed in 1949. Initially known as the Banking Companies Act, it was changed to the Banking Regulation Act on March 1st, 1949. It outlines a framework for supervision and regulation of Commercial banks in India. It consists of 56 sections.

Detailed explanation-3: -Objectives and functions of Banking Regulation Act 1949 regulation act brought in certain minimum capital requirements for banks. opening of branches and changing location of existing branches. balanced development of banking companies by system of licensing. efficient functioning of banks in India.

Detailed explanation-4: -The banking regulation 1949 act of India is mainly established to restrict trading business to eradicate non-banking sector various risks. Apart from this, the other objective or role of the banking act of 1949 is to safeguard and highly protect the depository’s interest.