Multiple choice

In India, the banking business are controlled and regulated by

  1. Companies Act, 1956

  2. Banking Regulation Act, 1949

  3. Indian Contract Act, 1872

  4. All of these

  5. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Banking Regulation Act, 1949 is the primary legislation that controls and regulates banking business in India. It gives the RBI authority over banks, sets licensing requirements, and governs banking operations. The Companies Act governs corporations (not specifically banks), and the Indian Contract Act governs contracts (not banking regulation).

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