Banking is defined as the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to conduct economic activities such as making profit or simply covering operating expenses.
The Banking Regulation Act 1949 contains various provisions’ governing the Commercial Banks in India
The Act mainly covers the constitution, powers and functions of the RBI.It is deemed to be one of the most important legal framework for banks. It was initially passed as the Banking Companies Act, 1949 and it was eventually changed to the Banking Regulation Act, 1949 (“The BR Act”).The Act mainly covers the constitution, powers and functions of the RBI.
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