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PUBLIC_SECTOR_BANKS
What is the primary legislation governing the establishment and functioning of public sector banks in India?
Public sector banks in India are governed primarily by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980, along with the Banking Regulation Act, 1949.
What is the full form of PSB in the Indian banking context?
Public Sector Bank, where government holds majority stake.
Which Act enabled the nationalisation of 14 major private banks in India in 1969?
The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 gave retrospective legal effect to the nationalisation of 14 major private banks on 19 July 1969 by Presidential Ordinance.
Which Act governs the nationalised banks other than SBI in India?
Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
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