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Legal Framework of banks
Which Act is the primary legislation governing the establishment and functioning of commercial banks in India?
The Banking Regulation Act, 1949 is the primary legislation that governs the establishment, regulation, and winding up of banking companies in India.
What is the full form of SARFAESI Act enacted in 2002?
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest
What is the definition of 'banking' as per the Banking Regulation Act, 1949?
Banking is defined as accepting deposits of money from the public for the purpose of lending or investment, repayable on demand or otherwise and withdrawable by cheque, draft, order, or otherwise.
Which authority supervises and regulates non-banking financial companies (NBFCs) in India?
Reserve Bank of India under RBI Act, 1934
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