CURRENT AFFAIRS

Detailed explanation-1: -RBI exercises these powers with regard to all other banks regulated under the BR Act.

Detailed explanation-2: -The Banking Regulation Act, 1949 (BR Act, 1949) was amended by the Banking Regulation (Amendment) Act, 2020 (Act 39 of 2020) which came into force on September 29, 2020.

Detailed explanation-3: -Different types of banks, such as commercial banks, cooperative banks, rural banks, and private sector banks exist in India. The Reserve Bank of India (RBI) is the governing body for regulating and supervising the banks. Banking Regulation Act, 1949 is an Act that provides a framework for regulating the banks of India.

Detailed explanation-4: -An Act further to amend the Banking Regulation Act, 1949. (1) This Act may be called the Banking Regulation (Amendment) Act, 2007 . (2) It shall be deemed to have come into force on the 23rd day of January, 2007 .

Detailed explanation-5: –(1) This Act may be called the Banking Laws (Application to Co-operative Societies) Act, 1965. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act. 2 to 9. No.