| The Banking regulation Act, 1949 | |
|---|---|
| Parliament of India | |
| |
| Citation | Act No. 10 of 1949 |
| Territorial extent | Whole of India |
| Enacted by | Parliament of India |
| Enacted | 10 March 1949 |
| Amended by | |
| Banking Regulation (Amendment) Bill, 2020 | |
| Status: In force | |
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The Banking Regulation Act, 1949 is a legislation in India that regulates all banking companies in India.[1] Passed as the Banking Companies Act 1949, it came into force on 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, in 1965 it was amended to make it applicable to cooperative banks and to introduce other changes.[2] In 2020 it was amended to bring the cooperative banks under the supervision of the Reserve Bank of India (RBI).[3]
- ^ Dr. Ashok Sharma. Auditing. FK Publications. p. 214. ISBN 978-81-87139-74-4. Retrieved 11 January 2015.
- ^ Cite error: The named reference
Patel2008was invoked but never defined (see the help page). - ^ Ray, Anulekha (17 September 2020). "Banking Regulation Amendment Bill passed. What it means for banks, customers". Mint.