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Legal Framework of Regulation of Banks
Which two acts primarily govern banking in India?
Banking Regulation Act, 1949 and Reserve Bank of India Act, 1934.
Under which section of the Banking Regulation Act is 'banking' defined?
Section 5(b) of the Banking Regulation Act, 1949
Define banking under Section 5(b) of the Banking Regulation Act.
Acceptance of deposits from public for lending or investment, repayable on demand or otherwise.
When did the Reserve Bank of India Act, 1934 come into force?
6th March 1934
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