Important Parliamentary Acts related to Banking sector in India


Vital Parliamentary Acts related to Banking sector in India
The table given below gives you a comprehensive list of Important Parliamentary Acts related to Banking.

Name of the ActYear of Promulgation
Societies’ Registration Act1860
Negotiable Instruments Act1881
Co-operative Societies Act1912
Provident Funds Act1925
Reserve Bank of India Act1934
Insurance Act1938
Central Excise Act1944
Public Debt Act1944
International Monetary Fund and Bank Act1945
Employees’ State Insurance Act1948
Banking Regulation Act1949
Chartered Accountants Act1949
Contingency Fund of India Act1950
Employees’ Provident Funds and Miscellaneous Provisions Act1952
State Bank of India Act1955
Life Insurance Corporation Act1956
Securities Contract Act
Companies Act
Central Sales Tax Act
State Bank of Hyderabad Act
State Bank of India (Subsidiary Banks) Act1959
Deposit Insurance and Credit Guarantee Corporation Act1961
Customs Act1962
Unit Trust of India Act1963
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) Act1965
PPF Act1968
General Insurance Business (Nationalization) Act1972
Regional Rural Banks Act1976
Prize Chits and Money Circulation Scheme (Banning) Act1978
Export-Import Bank of India Act1981
NABARD Act1981
Chit Funds Act1982
General Insurance Business (Nationalization) Amendment Act1985
Securities and Exchange Board of India Act1992
Insurance Regulatory and Development Authority Act1999
Foreign Exchange Management Act1999
Prevention of Money Laundering Act2002
Fiscal Responsibility and Budget Management Act2002
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. (Colloquially, SARFAESI Act)2002
Government Securities Act2006
Securities Laws (Amendment) Act2014
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.


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