SarkariPYQ

SSC CGL 2019 PYQ — Question 37

SSC CGL - 6th June 2019 - Shift 3 • General Awareness • Q37

Back to paper

The Banking Regulation Act was passed in India in ________.

Show answer & explanation

Correct answer: B

Explanation

The correct answer is option 2 i.e. 1949.

The Banking Regulation Act was passed in India in

1949

What is Banking Regulation Act?
  • The Banking Regulation Act, 1949 is legislation in India that regulates all banking firms in India. Passed as the Banking Companies Act 1949, it came into force on 16 March 1949 and changed to Banking Regulation Act 1949 on 1 March 1966. It is applicable to Jammu and Kashmir since 1956.
  • The Act has 5 parts and 5 Schedules regarding the regulation of banks in the country.
  • The main objective of the banking regulation act is to ensure sound banking through regulations covering the opening of branches and the maintenance of liquid assets.
  • It assigns power to RBI to appoint, reappoint, and remove the chairman, director, and officers of the banks.