Important RBI Acts and its Functions- Banking Awareness:
There are several Acts that governs the functioning of India’s central bank. Here are the Acts governing RBI’s various functions.
· RBI Act, 1934: It governs the central bank’s functions.
· Banking Regulation Act, 1949: It governs the financial sector.
Acts Governing Specific Functions:
· Public Debt Act, 1944/Government Securities Act (proposed): Governs the government debt market.
· Securities Contract (Regulation) Act, 1956: It regulates the government securities market.
· Indian Coinage Act, 2011: Governs laws related to currency and coins.
· Foreign Exchange Regulation Act, 1973/ Foreign Exchange Management Act, 1999: Governs foreign exchange market.
· Payment and Settlement System Act, 2007: Provides for regulation and supervision of payment systems in India.
· Government Securities Regulations, 2007.
Acts Governing Banking Operations:
· Companies Act, 2013: Governs banks as companies.
· Banking Companies (Acquisition and Transfer of Undertakings) Act 1970/1980: On Nationalization of Banks.
· Bankers Books Evidence Act.
· Banking Secrecy Act.
· Negotiable Instruments Act, 1881.
Acts Governing Individual Institutions:
· State Bank of India Act, 1954.
· The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003.
· The Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993.
· National Bank for Agriculture and Rural Development Act.
· National Housing Bank Act.
· Deposit Insurance and Credit Guarantee Corporation Act.
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