Banking regulation act which regulate all banking firms in India was p
Right Answer is: B
• The Banking regulation act which regulated all banking firms in India was passed in 1949.
• The Banking regulation act giver Reserve Bank of India power to license banks, have regulation over shareholding and voting rights of shareholders, control moratorium, liquidation etc.
• In 1965, it was amended and made applicable to cooperative banks also. The act is not applicable to Primary Agricultural Credit Society, non agricultural primary credit societies and cooperative land mortgage banks.