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REGULATION OF BANKING BUSINESS
Which Act primarily governs the regulation of banking business in India?
The Banking Regulation Act, 1949 is the primary legislation governing banking business in India, providing RBI with comprehensive powers to regulate and supervise banks.
What is the primary objective of banking regulation in India?
To ensure safety, soundness and stability of the banking system.
What is the minimum paid-up capital requirement for a new private sector bank in India?
RBI guidelines require a minimum paid-up capital of Rs. 500 crore for a new private sector bank at the time of commencement of business.
Under which Section of the Banking Regulation Act can RBI appoint additional directors on a bank's board?
Section 36AB empowers RBI to appoint additional directors.
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