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Banking Regulation Act 1949
In which year was the Banking Regulation Act enacted?
The Banking Regulation Act was enacted in 1949 and came into force on 16th March 1949.
What does Section 6 of the Banking Regulation Act specify?
Forms of business a banking company may engage in.
What is the primary objective of the Banking Regulation Act 1949?
The primary objective is to regulate and supervise banking companies in India to protect the interests of depositors and ensure sound banking practices.
Under the Banking Regulation Act, what is the minimum paid-up capital required for a new private sector bank?
RBI prescribes minimum capital; currently Rs 500 crore.
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