CURRENT AFFAIRS

Detailed explanation-1: -Amendments. In 2020, Finance Minister Nirmala Sitaraman introduced a bill to amend the Act.

Detailed explanation-2: -The Banking Laws (Amendment) Bill is a key bill aimed to bring reforms in India’s banking sector. It will facilitate the privatisation of two public sector banks (PSBs) as part of an ambitious disinvestment plan. The bill is expected to lower the minimum government holding in the PSBs from 51% to 26%.

Detailed explanation-3: -[10th March, 1949] An Act to consolidate and amend the law relating to banking 2[***].

Detailed explanation-4: -It was amended and renamed as Banking Regulation Act, Regulation Act, 1949 and extended to the and extended to the cooperative banks from cooperative banks from 1 March 1966 as the Banking Regulation Act, Banking Regulation Act, 1949 (As Applicable to (As Applicable to Cooperative Societies) [B R Act, 1949 (AACS)].

Detailed explanation-5: -The Banking Regulation Act has given the Reserve Bank of India the power to lay down instructions to the banks in India for audits. RBI, under Section 30 of the Act, can direct to perform a special audit of the company’s accounts if it is for the greater good of the public.