In Which Year The Banking Regulation Act was Passed?

By Sakshi Yadav|Updated : July 24th, 2022

In 1949 the Banking Regulation Act was passed to manage and control all the banking firms in India. Earlier this act was termed as Banking Companies Act 1949 but it changed to Banking Regulation Act 1949 on 1 March 1966. It came into force on 16th March 1949 and was applicable in Jammu and Kashmir from 1956.

Summary:

In Which Year The Banking Regulation Act was Passed?

The Banking Regulation Act came into force on 16th March 1949 which was passed in the Parliament of India in order to regulate all the banks. The banking sector of India is regulated by the RBI (Reserve Bank of India).

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