Banking Awareness - Banking Acts, Reforms & Risk Management
Which Act should be referred to for rules related to licensing of banks in India?
Which Act should be referred to for rules related to licensing of banks in India?
medium Q6 of 15
Step-by-Step Solution
Step 1: Identify the function
Licensing determines who can operate as a bank.Step 2: Link with governing law
The Banking Regulation Act sets licensing norms.Final Answer:
Banking Regulation Act, 1949 → Option BQuick Check:
Entry of banks is controlled by this Act ✅
Quick Trick: Licence to bank = Banking Regulation Act.
Common Mistakes:
MISTAKES- Assuming RBI Act alone governs bank licensing.
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