[amp_mcq option1=”Reserve Bank of India Act, 1934″ option2=”Indian Companies Act, 1956″ option3=”Indian Banking Regulation Act, 1949″ option4=”Securities and Exchange Board of India Act, 1993″ correct=”option3″]
The correct answer is C. Indian Banking Regulation Act, 1949.
The Indian Banking Regulation Act, 1949 is an Act of the Parliament of India to regulate banking in India. The Act was enacted in 1949 and came into force on 1 January 1950. The Act provides for the establishment of the Reserve Bank of India as the central bank of India and for the regulation of banking in India. The Act also provides for the establishment of the Banking Ombudsman Scheme to provide redressal of grievances of customers of banks.
The Act has been amended several times since its enactment. The most recent amendment was in 2017. The amendment has made several changes to the Act, including changes to the definition of a bank, changes to the powers of the Reserve Bank of India, and changes to the Banking Ombudsman Scheme.
The Act is important because it provides a framework for the regulation of banking in India. The Act helps to ensure that banks are run in a safe and sound manner and that they protect the interests of their customers.
The other options are incorrect because they do not relate to the regulation of banking in India.
A. Reserve Bank of India Act, 1934 is an Act of the Parliament of India to establish the Reserve Bank of India as the central bank of India. The Act was enacted in 1934 and came into force on 1 April 1935. The Act provides for the functions and powers of the Reserve Bank of India.
B. Indian Companies Act, 1956 is an Act of the Parliament of India to regulate companies in India. The Act was enacted in 1956 and came into force on 1 April 1957. The Act provides for the incorporation, management, and winding up of companies.
D. Securities and Exchange Board of India Act, 1992 is an Act of the Parliament of India to regulate the securities market in India. The Act was enacted in 1992 and came into force on 30 January 1992. The Act provides for the establishment of the Securities and Exchange Board of India to regulate the securities market.