Search results
Results from the WOW.Com Content Network
Oriental Bank of Commerce (OBC) was an Indian public sector bank headquartered at Gurgaon, Haryana. It had 2390 branches and 2625 ATMs across India. It had 2390 branches and 2625 ATMs across India. In April 2020, the bank along with United Bank of India was merged with Punjab National Bank , making the latter the second-largest public sector ...
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 seven other state banks became subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959 was passed by the Union government. [ 1 ] The next major government intervention in banking took place on 19 July 1969 when the Indira government nationalised an additional 14 major banks.
According to Section 13 of the Negotiable Instruments Act, "A negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer." [ 3 ] But in Section 1, it is also described the Local extent, Saving of usage relating to hundis, etc. and Commencement.
The three banks were merged in 1921 to form the Imperial Bank of India, which upon India's independence, became the State Bank of India in 1955. For many years, the presidency banks had acted as quasi-central banks, as did their successors, until the Reserve Bank of India [5] was established in 1935, under the Reserve Bank of India Act, 1934 ...
Section 26 of Act describes the legal tender character of Indian bank notes. Section 28 allows the RBI to form rules regarding the exchange of damaged and imperfect notes. [2] Section 31 states that in India, only the RBI or the central government can issue and accept promissory notes that are payable on demand. However, cheques, that are ...
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
The Paper Currency Act, 1861 gave the Government of India the exclusive right to print and circulate banknotes and thereby abolishes the printing and circulation of banknotes by the private Presidency Banks. Until the establishment of the Reserve Bank of India on 1 April 1935, the Government of India continued to print and issue banknotes. [2] [3]