3 Questions
Explain the regulatory frameworks governing the banking sector in India.
The regulatory frameworks include the RBI Act 1935, Banking Regulation Act 1949, and the Prevention of Money Laundering Act, 2002, which outline the compliance provisions for banks and financial institutions in India.
What are the powers of the government and RBI regarding the opening of new banks and branch licensing?
The government and RBI have the power to regulate the opening of new banks and branch licensing, as per the provisions of the relevant acts and regulations.
Which acts are relevant for ensuring compliance in the banking sector with regard to preventing money laundering?
The Prevention of Money Laundering Act, 2002, is the key legislation governing compliance with anti-money laundering measures in the banking sector in India.
Test your knowledge of the regulatory framework and compliance provisions of the RBI Act 1935, Banking Regulation Act 1949, Prevention of Money Laundering Act 2002, and the powers of the government and RBI in opening new banks and branch licensing with this quiz.
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