Banking Regulation Act, 1949
- It was passed as the Banking Companies Act 1949 and was changed to the Banking Regulation Act, 1949 from 1st March 1966.
- This act empowers the RBI to issue licence to commercial banks, regulate shareholders' shareholding and voting rights, supervises the appointment of boards and management, regulates the operations of banks, giving instructions for audit, control moratorium, merger, and liquidation, issues instructions to the banks in the interests of public welfare & banking policy, impose a penalty on banks if required.
- In 2020, the government passed an ordinance to change the Banking Regulation Act, 1949, making all the co-operatives come ....
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