Vital Parliamentary Acts related to Banking sector in India
| Name of the Act | Year of Promulgation |
|---|---|
| Societies' Registration Act |
1860
|
| Negotiable Instruments Act | |
| Co-operative Societies Act |
1912
|
| Provident Funds Act |
1925
|
| Reserve Bank of India Act |
1934
|
| Insurance Act |
1938
|
| Central Excise Act |
1944
|
| Public Debt Act |
1944
|
| International Monetary Fund and Bank Act |
1945
|
| Employees’ State Insurance Act |
1948
|
| Banking Regulation Act |
1949
|
| Chartered Accountants Act |
1949
|
| Contingency Fund of India Act |
1950
|
| Employees' Provident Funds and Miscellaneous Provisions Act |
1952
|
| State Bank of India Act |
1955
|
| Life Insurance Corporation Act | 1956 |
| Securities Contract Act | |
| Companies Act | |
| Central Sales Tax Act | |
| State Bank of Hyderabad Act | |
| State Bank of India (Subsidiary Banks) Act |
1959
|
| Deposit Insurance and Credit Guarantee Corporation Act |
1961
|
| Customs Act |
1962
|
| Unit Trust of India Act |
1963
|
| Nationalization of Banks Act ( But government decided to nationalize 14 major commercial banks on 19th July, 1969.) |
1964
|
| Banking Laws (Application to Co-operative Societies) Act |
1965
|
| PPF Act |
1968
|
| General Insurance Business (Nationalization) Act |
1972
|
| Regional Rural Banks Act |
1976
|
| Prize Chits and Money Circulation Scheme (Banning) Act |
1978
|
| Export-Import Bank of India Act |
1981
|
| NABARD Act |
1981
|
| Chit Funds Act |
1982
|
| General Insurance Business (Nationalization) Amendment Act |
1985
|
| Securities and Exchange Board of India Act |
1992
|
| Insurance Regulatory and Development Authority Act |
1999
|
| Foreign Exchange Management Act |
1999
|
| Prevention of Money Laundering Act |
2002
|
| Fiscal Responsibility and Budget Management Act |
2002
|
| Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. (Colloquially, SARFAESI Act) |
2002
|
| Government Securities Act |
2006
|
| Securities Laws (Amendment) Act |
2014
|
| The Regional Rural Banks (Amendment) Act- Diluted the sharing pattern by limiting the composite share of central govt. and sponsor bank to 51% |
2014
|
| The Insurance Laws (Amendment) Act- Pushed FDI limit to 49% |
2015
|
The above-mentioned acts are more often asked in examinations conducted by IBPS.
Thanks,
Team AIMSUCCESS
( A Team of Expert & Senior Bankers from India)
