Question

    What is the significant of March 16, 1949 in Indian Banking?

    A RBI was nationalised Correct Answer Incorrect Answer
    B SBI was nationalised Correct Answer Incorrect Answer
    C RBI Act was passed Correct Answer Incorrect Answer
    D Banking Regulation act was passed Correct Answer Incorrect Answer
    E All of the above Correct Answer Incorrect Answer

    Solution

    The Banking Regulation Act, 1949 regulates all banking firms in India. 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.

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