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词条 Banking Regulation Act, 1949
释义

  1. Overview

  2. See also

  3. References

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| short_title = The Banking regulation Act, 1949
| image =
| imagesize = 150
| imagelink =
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| long_title = An Act to consolidate and amend the law relating to banking
| citation = [https://www.nabard.org/pdf/India_Banking_BankingRegulationAct1949.pdf Act No. 10 of 1949]
| territorial_extent = Whole of India
| enacted_by = Parliament of India
| date_enacted = 10 March 1949
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| status = in force
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The Banking Regulation Act, 1949 is a legislation in India that regulates all banking firms in India.[1] 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. It is applicable in jammu and kashmir from 1956. Initially, the law was applicable only to banking companies. But, 1965 it was amended to make it applicable to cooperative banks and to introduce other changes.[2]

Overview

The Act provides a framework using which commercial banking in India is supervised and regulated. The Act supplements the Companies Act, 1956.[2] Primary Agricultural Credit Societyand cooperative land mortgage banks are excluded from the Act.[3]

The Act gives the Reserve Bank of India (RBI) the power to license banks, have regulation over shareholding and voting rights of shareholders; supervise the appointment of the boards and management; regulate the operations of banks; lay down instructions for audits; control moratorium, mergers and liquidation; issue directives in the interests of public good and on banking policy, and impose penalties.[3]

In 1965, the Act was amended to include cooperative banks under its purview by adding the Section 56. Cooperative banks, which operate only in one state, are formed and run by the state government. But, RBI controls the licensing and regulates the business operations.[3] The Banking Act was a supplement to the previous acts related to banking.

See also

  • Banking in India
  • Public Debt Act, 1944
  • Reserve Bank of India Act, 1934

References

1. ^{{cite book|author=Dr. Ashok Sharma|title=Auditing|url=https://books.google.com/books?id=AzDGYFQY7RgC&pg=PA214|accessdate=11 January 2015|publisher=FK Publications|isbn=978-81-87139-74-4|page=214}}
2. ^http://www.helplinelaw.com/docs/the-companies-act-1956
3. ^{{cite book|author=Bimal N. Patel|title=India and International Law: Introduction|url=https://books.google.com/books?id=V7PI25CBkXYC&pg=PA218|accessdate=11 January 2015|year=2008|publisher=Martinus Nijhoff Publishers|isbn=90-04-16152-X|pages=218–219}}
{{Indian legislations}}

5 : Banking in India|Acts of the Parliament of India 1949|Bank regulation|Financial regulation in India|Financial history of India

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