Important RBI Acts and its Functions- Banking Awareness

    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.

    Umbrella Act:
    ·        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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