Скачать или смотреть RBI Act 1934 in Detail ?

RBI Act 1934 in Detail ?


Reserve Bank of India was first enacted by parliament on 6 March 1934. In the beginning of 18 Th century, the joint – stock banking has been associated with the agency houses for the purpose of doing banking business. Indigenous bankers, nidhis, money lenders were acted as bankers. However, the growth of joint – stock banking with the help of agency houses leads to regulating the rules and regulation which was governing them as an act.



So the need for the central banking system in India arose in 1773. However, it was the Hilton Young committee in 1926 recommended the establishment of a central bank in India. Therefore, it took 7 years to pass the RBI act 1934 as a shareholders banks.



Finally, a number of banking companies were registered under the companies’ act 1956 and The RBI act 1934 for the purpose of protecting interests of the depositors’, ensuring control over the credit, develop banking on good lines and avoiding bank failures.



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