List of Important Banking Acts – This article will upkeep you with Reforms in Banking Sector. Different Indian Banking Reforms and Acts Pre and post-freedom that are solicited in the general mindfulness segment from serious tests alongside the years they were actualized are given.
The general mindfulness area is viewed as a high scoring segment in any serious test. Applicants getting ready for UPSC test, Bank tests, Insurance tests, SSC test or some other Government test no compelling reason to recollect any formulae or rules to expert this segment. Simply tireless planning and astutely tending to the inquiries can give up-and-comers an edge over the contenders for this area.
Acts And Reforms In Banking Sector
The presentation of changes in the financial part depended on the honors of various boards.
The committees that proposed the Banking sector reforms are as mentioned below:
- The first Narasimhan Committee- 1991
- The Verma Committee – 1996
- The Khan Committee – 1997
- The Second Narasimhan Committee – 1998
List of Important Banking Acts
| S No. | Names of the Banking Acts and Reforms | Years |
| 1 | Societies Registration Act | 1860 |
| 2 | Negotiable Instrument Act | 1881 |
| 3 | Indian Trusts Act | 1882 |
| 4 | The Bankers’ Books Evidence Act | 1891 |
| 5 | Indian Stamp Act | 1899 |
| 6 | Co-operative Societies Act | 1912 |
| 7 | Provident Funds Act | 1925 |
| 8 | Indian Partnership Act | 1934 |
| 9 | The Reserve Bank of India Act | 1934 |
| 10 | Insurance Act | 1938 |
| 11 | Central Excise Act | 1944 |
| 12 | Public Debt Act | 1944 |
| 13 | International Monetary Fund and Bank Act | 1945 |
| 14 | Employees’ State Insurance Act | 1948 |
| 15 | The Industrial Finance Corporation of India Act | 1948 |
| 16 | The Banking Companies (Legal Practitioner Clients’ Accounts) Act | 1949 |
| 17 | The Industrial Disputes (Banking and Insurance Companies) Act | 1949 |
| 18 | The Banking Regulation(Companies) Rules | 1949 |
| 19 | The Banking Regulation Act | 1949 |
| 20 | Chartered Accountants Act | 1949 |
| 21 | Contingency Fund of India Act | 1950 |
| 22 | The State Financial Corporations Act | 1951 |
| 23 | Employees Provident Fund and Miscellaneous Provisions Act | 1952 |
| 24 | The Reserve Bank of India (Amendment and Misc. Provisions) Act | 1953 |
| 25 | The Industrial Disputes (Banking Companies) Decision Act | 1955 |
| 26 | The State Bank of India Act | 1955 |
| 27 | Life Insurance Corporation Act | 1956 |
| 28 | Companies Act | 1956 |
| 29 | Central Sales Tax Act | 1956 |
| 30 | The State Bank of India (Subsidiary Banks) Act | 1959 |
| 31 | The Subsidiary Banks General Regulation | 1959 |
| 32 | The Deposit Insurance and Credit Guarantee Corporation Act | 1961 |
| 33 | Customs Act | 1962 |
| 34 | Unit Trust of India Act | 1963 |
| 35 | Limitation Act | 1963 |
| 36 | Nationalization of Banks Act (However, the government decided to nationalize 14 major commercial banks on 19th July 1969) | 1964 |
| 37 | Banking Laws (Application to Co-operative Societies) Act | 1965 |
| 38 | Banking Companies (Acquisition and Transfer of Undertaking) Act | 1969 |
| 39 | The Nationalized Banks (Management and Miscellaneous Provisions) Scheme | 1970 |
| 40 | The Banking Companies (Acquisition and Transfer of Undertakings) Act | 1970 |
| 41 | The Regional Rural Banks Act | 1976 |
| 42 | Foreign Contribution (Regulation) Act | 1976 |
| 43 | The Banking Companies (Acquisition and Transfer of Undertakings) Act | 1980 |
| 44 | The Export-Import Bank of India Act | 1981 |
| 45 | The National Bank for Agriculture and Rural Development Act | 1981 |
| 46 | Chit Fund Act | 1982 |
| 47 | Sick Industrial Companies (Special Provisions)Act | 1985 |
| 48 | Shipping Development Fund Committee (Abolition) Act | 1985 |
| 49 | Banking Companies (Regulation)Rules | 1985 |
| 50 | The National Housing Bank Act | 1987 |
| 51 | SIDBI Act | 1989 |
| 52 | SIDBI General Regulations | 1990 |
| 53 | Securities and Exchange Board of India Act | 1992 |
| 54 | The Special Court (trial of Offences relating to Transactions in Securities) Act | 1992 |
| 55 | The Industrial Finance Corporation (Transfer of Undertakings and Repeal) Act | 1993 |
| 56 | Recovery of Debts due to Banks and Financial Institutions Act | 1993 |
| 57 | Debts Recovery Appellate Tribunal (Procedure) Rules | 1994 |
| 58 | Industrial Reconstruction Bank (Transfer of Undertaking & Appeal) Act | 1997 |
| 59 | Foreign Exchange Management Act | 1999 |
| 60 | Insurance Regulatory and Development Authority Act | 1999 |
| 61 | Prevention of Money Laundering Act | 2002 |
| 62 | Fiscal Responsibility and Budget Management Act | 2002 |
| 63 | The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act | 2002 |
| 64 | Industrial Development Bank (Transfer of Undertaking & Repeal) Act | 2003 |
| 65 | Credit Information Companies (Rules & Regulation) Act | 2005 |
| 66 | Government Securities Act | 2006 |
| 67 | The Banking Ombudsman Scheme | 2006 |
| 68 | Factoring Act Rules | 2011 |
| 69 | SARFAESI (Central registry) Rules | 2011 |
| 70 | Securities Law (Amendment) Act | 2014 |
| 71 | The Regional Rural Banks (Amendment) Act – Diluted the sharing pattern by limiting the composite share of Central Government and sponsor bank to 51% | 2014 |
| 72 | The Insurance Laws (Amendment) Act- pushed FDI limit to 49% | 2015 |
| 73 | The Companies Act (Amended) (legislated in 1956) | 2015 |
