Multiple choice

Which of the following acts are meant to regulate the Indian banking system?

  1. Negotiable Instrument Act, Banking Regulation Act and Companies Act

  2. RBI Act, Banking Regulation Act and Companies Act

  3. Banking Regulation Act and Prevention of Money Laundering Act

  4. RBI Act and Banking Regulation Act
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

RBI was established in 1935. It was nationalised in 1949. It plays the role of regulator of the banking system in India. The Banking Regulation Act 1949 and the RBI Act 1953 have given RBI the power to regulate the banking system.

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