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Banking Laws & Development Financial Institutions
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 governing commercial banks in India, granting RBI supervisory and regulatory powers over banking companies.
Which section of the Banking Regulation Act, 1949 defines the term 'bank'?
Section 5(c) defines the term 'bank' under BR Act.
Under which Act was the Reserve Bank of India established?
The Reserve Bank of India was established under the Reserve Bank of India Act, 1934, which came into force on April 1, 1935.
Under which Act was the State Bank of India constituted?
State Bank of India Act, 1955 constituted SBI.
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