Banking Sector Reforms and Acts in India

Table of Contents

The banking sector reforms and acts are to encourage the efficiency and productivity of the banking system in India. Their main aim is to increase growth and development. They are in charge of maintaining the stability and adequacy of the financial market. The general awareness section is considered to be a high scoring section in any competitive exam. Candidates preparing for the Bank exams, Insurance exam, SSC exam, or any other Government exam no need to remember any formulae or rules to ace this section. Just diligent preparation and wisely addressing the questions can give candidates an edge over the competitors for this section. In this article, we will discuss Banking Sector Reforms and Acts in India.

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List of Important Banking Sector Reforms and Acts in India

Given below is the List of Important Banking Sector Reforms and Acts in India.

S. No.	Banking Acts and Reforms	Year
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 Act	1949
18	The Banking Regulation Act	1949
19	Chartered Accountants Act	1949
20	Contingency Fund of India Act	1950
21	The State Financial Corporations Act	1951
22	Employees Provident Fund and Miscellaneous Provisions Act	1952
23	The Reserve Bank of India (Amendment and Misc. Provisions) Act	1953
24	The Industrial Disputes (Banking Companies) Decision Act	1955
25	The State Bank of India Act	1955
26	Life Insurance Corporation Act	1956
27	Companies Act	1956
28	Central Sales Tax Act	1956
29	The State Bank of India (Subsidiary Banks) Act	1959
30	The Subsidiary Banks General Regulation	1959
31	The Deposit Insurance and Credit Guarantee Corporation Act	1961
32	Customs Act	1962
33	Unit Trust of India Act	1963
34	Limitation Act	1963
35	Nationalization of Banks Act	1964
36	Banking Laws (Application to Co-operative Societies) Act	1965
37	Banking Companies (Acquisition and Transfer of Undertaking) Act	1969
38	The Nationalized Banks Scheme	1970
39	The Regional Rural Banks Act	1976
40	Foreign Contribution Act	1976
41	The Export-Import Bank of India Act	1981
42	The National Bank for Agriculture and Rural Development Act	1981
43	Chit Fund Act	1982
44	Sick Industrial Companies (Special Provisions)Act	1985
45	Shipping Development Fund Committee Act	1985
46	Banking Companies Rules	1985
47	The National Housing Bank Act	1987
48	SIDBI Act	1989
49	SIDBI General Regulations	1990
50	Securities and Exchange Board of India Act	1992
51	The Special Court Act	1992
52	The Industrial Finance Corporation Act	1993
53	Recovery of Debts due to Banks and Financial Institutions Act	1993
54	Debts Recovery Appellate Tribunal Rules	1994
55	Industrial Reconstruction Bank Act	1997
56	Foreign Exchange Management Act	1999
57	Insurance Regulatory and Development Authority Act	1999
58	Prevention of Money Laundering Act	2002
59	Fiscal Responsibility and Budget Management Act	2002
60	The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act	2002
61	Industrial Development Bank Act	2003
62	Credit Information Companies Act	2005
63	Government Securities Act	2006
64	The Banking Ombudsman Scheme	2006
64	Factoring Act Rules	2011
66	SARFAESI (Central Registry) Rules	2011
67	Securities Law (Amendment) Act	2014
68	The Regional Rural Banks (Amendment) Act	2014
69	The Insurance Laws (Amendment) Act	2015
70	The Companies Act (Amended)	2015