04 - Banking Regulation Act

Banking Awareness Multiple Choice Questions (MCQs) and Answers with explanation on Banking Regulation Act for IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Bank

1. Which entity regulates and supervises NBFCs?

[A] SEBI
[B] RBI
[C] Ministry of Finance
[D] NABARD

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2. Who is entrusted with the power to lay down instructions to the banks in India for audits?

[A] RBI
[B] Finance Ministry
[C] State Government
[D] None

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3. When did the Banking Regulation Act come into effect?

[A] 16th March 1949
[B] 10th March 1949
[C] 12th March 1950
[D] 6th March 1950

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4. When did the Banking Regulation Act, 1949 become applicable to the state of Jammu & Kashmir?

[A] 1949
[B] 1970
[C] 1956
[D] 1966

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5. The Banking Regulation Act was initially passed by what name?

[A] Banking Firms Act, 1949
[B] Banking Companies Act, 1949
[C] Banking Units Act, 1949
[D] None

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6. Who has been given the power under the Banking Regulation Act 1949 to grant license to banks?

[A] RBI
[B] State Government
[C] Central Government
[D] All of the above

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7. In which year the Banking Regulation Act 1949 was amended to make it applicable to cooperative banks?

[A] 1962
[B] 1964
[C] 1965
[D] 1969

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8. Which of the following entities are not covered under the Banking Regulation Act 1949?

[A] Public Sector banks
[B] Cooperative Banks
[C] Primary Agricultural Credit Society
[D] All of the above

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9. Who regulates the District Central Cooperative Banks in India?

[A] RBI
[B] State Government
[C] Central Government
[D] SEBI

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10. Which section was added in the Banking regulation Act to include the Cooperative Banks under its purview?

[A] Section 61
[B] Section 56
[C] Section 35
[D] Section 28

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