When was Banking Regulation Act made?

The correct answer is 1949.

Key Points

• The Banking Regulation Act, 1949, is a significant piece of legislation in India that regulates and governs the functioning of banks in the country.
  • Enactment: The Banking Regulation Act, 1949, was enacted to regulate the functioning of banks and financial institutions in India. It was originally promulgated as the Banking Companies Act, 1949, but later renamed the Banking Regulation Act, 1949.
  • Authority: The act is administered and enforced by the Reserve Bank of India (RBI), which acts as the central banking authority in India.
  • Objective: The primary objective of the Banking Regulation Act is to ensure the stability and soundness of the banking system, protect the interests of depositors, and prevent banking frauds and malpractices.