GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Banking regulation act was passed in?
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1947
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1948
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1949
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1950
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Explanation:
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: -Regional Rural Banks are empowered to transact the business of banking as defined under Banking Regulation Act, 1949.
Detailed explanation-3: -Prohibition of non-banking companies from accepting deposits repayable on demand. Prohibition of trading to eliminate non-banking risks. Prescription of minimum capital standards. Limiting the payments of dividends.
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