banking regulation act, 1949 governed the working of banking companies in india.
banking regulation act, 1949 governed the working of banking companies in india.
which act govern the working of banking companies in india?
banking regulation act , 1949
banking regulation act, 1949









































the banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. passed as the banking companies act 1949, it came into force from 16 march 1949 and changed to banking regulation act 1949 from 1 march 1966. it is applicable in jammu and kashmir from 1956. initially, the law was applicable only to banking companies. but, 1965 it was amended to make it applicable to cooperative banks and to introduce other changes.









































section::::overview.
banking regulation act, 1949
though they are not required to be registered under the rbi act, chit funds are regulated as miscellaneous non-banking companies (mnbcs). their activities relating to soliciting deposits are governed by the non-banking financial companies and miscellaneous non-banking companies (advertisement) rules (1977) framed by the government of india under section 58a of the companies act 1956.









































the following laws govern chit funds:









































bullet::::- union government - chit fund act, 1982 (except the state of jammu and kashmir)









































bullet::::- kerala: kerala chit fund rules 2012 & amendment 2016









































bullet::::- tamil nadu: tamil nadu chit funds act, 1961
chit fund