Discussion
The Commercial Banks in India are governed by
Answer: C
Correct answer: Indian Banking Regulation Act, 1949
The Banking Regulation Act, 1949 is the governing statute for commercial banks in India. It defines banking business, requires a licence from the RBI, regulates capital, reserves, liquid assets, management and branch expansion, and empowers the RBI to inspect, direct, amalgamate and wind up banks.
The RBI Act, 1934 constitutes the central bank itself; the Companies Act governs banks in their character as companies, subordinate to the banking statute; and the SEBI Act concerns the securities market and applies only to a bank's capital market activities.
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