BANKING AFFAIRS

Detailed explanation-1: -The Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) is a law that revised the federal government agency structure and rules governing the U.S. savings and loan banking system and the real estate appraisal industry, passed in 1989 in response to the savings and loan crisis of the late 1980s.

Detailed explanation-2: -June 16, 1933. The Glass-Steagall Act effectively separated commercial banking from investment banking and created the Federal Deposit Insurance Corporation, among other things. It was one of the most widely debated legislative initiatives before being signed into law by President Franklin D. Roosevelt in June 1933.

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: -Substantial interest-Section 5 (n-e) In relation to a company, means the holding of a beneficial interest by an individual or his spouse or minor child, whether singly or taken together, in the shares thereof, the amount paid upon which exceeds five lakhs of rupees or ten per cent.