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Legal Framework / Acts governing by RBI



Umbrella Acts:

  1. Reserve Bank of India Act, 1934: governs the Reserve Bank functions
  2. Banking Regulation Act, 1949: governs the financial sector

Acts governing specific functions:

  1. Public Debt Act, 1944/Government Securities Act (Proposed): Governs government debt market
  2. Securities Contract (Regulation) Act, 1956: Regulates government securities market
  3. Indian Coinage Act, 1906:Governs currency and coins
  4. Foreign Exchange Regulation Act, 1973/Foreign Exchange Management Act, 1999: Governs trade and foreign exchange market
  5. "Payment and Settlement Systems Act, 2007: Provides for regulation and supervision of payment systems in India" 

Acts governing Banking Operations:

  1. Companies Act, 1956:Governs banks as companies
  2. Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980: Relates to nationalisation of banks
  3. Bankers' Books Evidence Act
  4. Banking Secrecy Act
  5. Negotiable Instruments Act, 1881

Acts governing Individual Institutions:

  1. State Bank of India Act, 1954
  2. The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003
  3. The Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993
  4. National Bank for Agriculture and Rural Development Act
  5. National Housing Bank Act
  6. Deposit Insurance and Credit Guarantee Corporation Act


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