The very basic legal interpretation of the word ‘banking” as defined in the Banking Regulation Act, 1949 means accepting deposits of money, for the purpose of lending or investment, from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise.
Banking Regulation Act,1949 It is deemed to be one of the most important legal frameworks for banks. It was initially passed as the Banking Companies Act, 1949 and it was eventually changed to the Banking Regulation Act, of 1949.
Other than BR ACT other important legal frameworks are – the Prevention of Money Laundering Act, 2002 (“PMLA”), the Reserve Bank of India Act, 1934, Foreign Exchange Management Act, 1999, Limitation Act, 1963, Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (“DRT Act”), Lok Adalats under Legal Services Authority Act, SARFAESI Act, 2002, Lenders Liability Act, The Consumer Protection Act, 1986, Bankers’ Book Evidence Act, 1891
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