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The main question which arose was whether the rules of evidence in Indian banking would be governed by British legislation, as India was then a British colony. As a result, it was decide to adapt and adopt the Bankers' Books Evidence Act, 1879 of the British Parliament to Indian banking.
Negotiable Instruments Act, 1881 is an act in India dating from the British colonial rule, that is still in force with significant amendments recently.It deals with the law governing the usage of negotiable instruments in India.
The Banking Regulation Act, 1949 is a legislation in India that regulates all banking companies in India. [1] Passed as the Banking Companies Act 1949, it came into force on 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. It is applicable in Jammu and Kashmir from 1956. Initially, the law was applicable only to ...
Reserve Bank of India Act, 1934: This is the primary legislation governing the functions and powers of the Reserve Bank of India (RBI), which is the central bank of India. The act provides for the regulation of banking and credit in India and gives the RBI the authority to issue licenses to banks and regulate their activities.
The Adhiniyam consists of 170 sections as opposed to the 167 sections in the previous Indian Evidence Act. Of these 167 sections, 23 sections have been modified, five removed, and one more section added. [7] [8] [9] [10]
The Indian Evidence Act, identified as Act no. 1 of 1872, [5] and called the Indian Evidence Act, 1872, has eleven chapters and 167 sections, and came into force on 1 September 1872. At that time, India was a part of the British Empire. Over a period of more than 150 years since its enactment, the Indian Evidence Act has basically retained its ...
Landmark developments include the inception of U.S. federal banking supervision with the establishment of the Office of the Comptroller of the Currency in 1862; the creation of the U.S. Federal Deposit Insurance Corporation as the first major deposit guarantee and bank resolution authority in 1934; the creation of the Belgian Banking Commission ...
By 2013 the Indian Banking Industry employed 1,175,149 employees and had a total of 109,811 branches in India and 171 branches abroad and manages an aggregate deposit of ₹ 67,504.54 billion (US$810 billion or €830 billion) and bank credit of ₹ 52,604.59 billion (US$630 billion or €640 billion).