Question : In which year was the Banking Regulation Act passed in India?
Option 1: 1947
Option 2: 1950
Option 3: 1949
Option 4: 1934
Correct Answer: 1949
Solution : The correct answer is (c) 1949
The Banking Regulation Act of India was enacted in 1949 to regulate the functioning and operations of banks in the country. It aimed to provide a comprehensive legal framework for the banking sector and introduced various regulations and provisions to ensure the stability and integrity of the banking system.
The act established the Reserve Bank of India (RBI) as the central banking institution with the authority to regulate and supervise banks. It defined the roles and responsibilities of commercial banks, laid down guidelines for their management and governance, and set rules for the issuance of bank licenses.
