The Banking Regulation Act, 1949, is a significant legislation in India that provides the legal framework for the regulation and supervision of banks. Enacted on March 10, 1949, the act empowers the Reserve Bank of India (RBI) to regulate the banking sector, ensuring the stability and soundness of the banking system in the country.
The objective of the Banking Regulation Act is to regulate and supervise banking institutions in India to ensure their proper functioning, financial stability, and protection of the interests of depositors. The act provides the legal foundation for the establishment, operation, and management of banks.
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