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Banking Laws RBI ACT 1934 and BR ACT 1949
In which year was the Reserve Bank of India established?
The Reserve Bank of India was established on April 1, 1935, under the Reserve Bank of India Act, 1934.
What is the full form of 'BR Act' in the context of Indian banking regulation?
Banking Regulation Act enacted in 1949 governing banks.
What is the primary objective of the Reserve Bank of India as stated in the RBI Act, 1934?
The primary objective is to regulate the issue of bank notes, maintain reserves to secure monetary stability, and operate the currency and credit system of India to its advantage.
Which section of the Banking Regulation Act, 1949 deals with the licensing of banks?
Section 22 of the BR Act deals with bank licensing.
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