CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India has set up, as part of supervision of cross border operations of Indian banks abroad, Supervisory Colleges for six major banks (State Bank of India, Bank of Baroda, Bank of India, ICICI Bank Ltd., Axis Bank Ltd.

Detailed explanation-2: -The Banking Regulation Act, 1949 empowers the Reserve Bank of India to inspect and supervise commercial banks.

Detailed explanation-3: -1.1 The Reserve Bank of India (“RBI”), an autonomous body created under an act of the Indian parliament i.e. The Reserve Bank of India Act, 1934, is entrusted, interalia, with the sole responsibility of regulation and supervision of banks under the Banking Regulation Act, 1949.

Detailed explanation-4: -Supervisory functions of RBI Granting licence to commercial banks. Inspection of the other banks. Implementing Deposit Insurance scheme. Controlling Non-Banking financial institutions.