The correct answer is: C. Both A and B
The Banking Regulation Act, 1949 is an Act of the Parliament of India to regulate banking in India. The Act provides for the establishment of the Reserve Bank of India, the licensing of banks, and the regulation of their activities. The Act also provides for the winding up of banks.
The Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970/1980 are Acts of the Parliament of India that provide for the nationalisation of banks in India. The Acts were passed in response to the economic crisis of 1969. The Acts nationalised 14 major banks in India.
The amendments made in 1994 to the Banking Regulation Act, 1949 and the Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970/1980 permitted nationalised banks to offer their equity shares to the public to the extent of 49% of their capital. This was done in order to increase the capital base of nationalised banks and to improve their efficiency.
Option A is incorrect because the
Banking Regulation Act, 1949 does not specifically provide for the offering of equity shares to the public.Option B is incorrect because the Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970/1980 do not specifically provide for the offering of equity shares to the public.
Option D is incorrect because both the Banking Regulation Act, 1949 and the Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970/1980 were amended in 1994 to permit nationalised banks to offer their equity shares to
the public to the extent of 49% of their capital.