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Banking regulation act was passed in year _______.

  • Banking regulation act was passed in year 1949.
  • The act is a comprehensive legislation that outlines the regulatory framework for banks operating in India.
  • The Banking Regulation Act, 1949 was enacted to consolidate and amend the law relating to banking companies and to provide for the regulation and supervision of banking companies.
  • The act provides guidelines for the incorporation, regulation, and winding up of banking companies in India.
  • It also lays down provisions related to the share capital and management of banking companies, as well as the rights and obligations of shareholders.