Banking Regulation Act, 1949
The Banking Regulation Act, 1949 is a legislation in India that regulates all banking firms in India. Passed as the Banking Companies Act 1949, it came into force from 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. In 2020 it was amended to bring the cooperative banks under the supervision of the Reserve Bank of India.
| The Banking regulation Act, 1949 | |
|---|---|
| Parliament of India | |
Long title
| |
| 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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