{"id":25515435,"date":"2022-03-12T10:00:43","date_gmt":"2022-03-12T04:30:43","guid":{"rendered":"https:\/\/entri.app\/blog\/?p=25515435"},"modified":"2022-03-12T02:50:23","modified_gmt":"2022-03-11T21:20:23","slug":"bank-acts-and-regulations-for-bank-exams","status":"publish","type":"post","link":"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/","title":{"rendered":"Bank Acts and Regulations for Bank Exams 2022"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e197d0e6dc4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e197d0e6dc4\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#Important_Acts_in_the_Banking_Sector\" >Important Acts in the Banking Sector<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#Negotiable_Instrument_Act_1881\" >Negotiable Instrument Act, 1881<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#Reserve_Bank_of_India_Act_1934\" >Reserve Bank of India Act, 1934<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#Banking_Regulation_Act_1949\" >Banking Regulation Act, 1949<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#State_Bank_of_India_Act_1955\" >State Bank of India Act, 1955<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#Deposit_Insurance_and_Credit_Guarantee_Corporation_Act_1961\" >Deposit Insurance and Credit Guarantee Corporation Act, 1961<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#Regional_Rural_Banks_Act_1976\" >Regional Rural Banks Act, 1976<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#Securities_and_Exchange_Board_of_India_Act_1992\" >Securities and Exchange Board of India Act, 1992<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#Foreign_Exchange_Management_Act_1999\" >Foreign Exchange Management Act, 1999<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#SARFAESI_ACT_-2002\" >SARFAESI ACT -2002<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#Prevention_of_Money_Laundering_Act_2002\" >Prevention of Money Laundering Act, 2002<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#Fiscal_Responsibility_and_Budget_Management_FRBM_Act_2003\" >Fiscal Responsibility and Budget Management\u00a0(FRBM)\u00a0Act, 2003<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#Government_Securities_Act_2006\" >Government Securities Act, 2006<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#Banking_Ombudsman_Scheme\" >Banking Ombudsman Scheme<\/a><\/li><\/ul><\/nav><\/div>\n<p>The banking sectors Act has a major role to play in the financial upliftment of the Indian Economy. We have come up with the most important Banking Acts like Reserve Bank of India Act, 1934; Reserve Bank of India Act, 1934; Insurance Regulatory and Development Authority Act, 1999; Foreign Exchange Management Act, 1999; SARFAESI-2002, etc in this article.<\/p>\n<p>The banking sector is the backbone of an economy. It has gone through various reforms and acts. Banking sector Acts are very crucial for the aspirants who are preparing for Banking\/ General Awareness. Let&#8217;s dig deep inside in order to improve your marks in upcoming banking exams:<\/p>\n<h2 id=\"Important_Acts_in_the_Banking_Sector\"><span class=\"ez-toc-section\" id=\"Important_Acts_in_the_Banking_Sector\"><\/span><strong>Important Acts in the Banking Sector<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<tbody>\n<tr>\n<td><strong>Negotiable Instrument act, 1881<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Co-operative Societies Act, 1912<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Reserve Bank of India Act, 1934<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The Industrial Finance Corporation of India Act\u20131948<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The Banking Companies (Legal Practitioner Clients\u2019 Accounts) Act\u20131949<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The Industrial Disputes (Banking and Insurance Companies) Act\u20131949<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The Banking Regulation(Companies) Rules\u20131949<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The Banking Regulation Act\u20131949<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The State Bank of India Act\u20131955<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The State Bank of India (Subsidiary Banks) Act-1959<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The Subsidiary Banks General Regulation\u20131959<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The Deposit Insurance and Credit Guarantee Corporation Act\u20131961<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Banking Companies (Acquisition and Transfer of Undertaking) Act, 1969<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The Regional Rural Banks Act\u20131976<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The Banking Companies (Acquisition and Transfer of Undertakings) Act\u20131980<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The National Bank for Agriculture and Rural Development Act\u20131981<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>NABARD General Regulations 1982<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Banking Companies (Period of Preservation of Records) Rules, 1985<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Banking Companies (Regulation)Rules,1985<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The National Housing Bank Act\u20131987<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>SIDBI General Regulations, 1990<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Securities and Exchange Board of India Act, 1992<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The Industrial Finance Corporation (Transfer of Undertakings and Repeal) Act\u20131993<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Recovery of Debts due to Banks and Financial Institutions Act,1993<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Industrial Reconstruction Bank (Transfer of Undertaking &amp; Appeal) Act\u20131997<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Insurance Regulatory and Development Authority Act, 1999<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Foreign Exchange Management Act, 1999<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI-2002)<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Prevention of Money Laundering Act, 2002<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Fiscal Responsibility and Budget Management Act, 2003<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Industrial Development Bank (Transfer of Undertaking &amp; Repeal) Act\u20132003<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Credit Information Companies (Rules &amp; Regulation) Act\u20132005<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Government Securities Act, 2006<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Banking Ombudsman Scheme<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The above-mentioned Banking Acts are important. We have dealt with only those Acts that are frequently asked in the examination and are totally important from the exam&#8217;s perspective given below.<\/p>\n<h2 id=\"Negotiable_Instrument_Act__1881\"><span class=\"ez-toc-section\" id=\"Negotiable_Instrument_Act_1881\"><\/span><strong>Negotiable Instrument Act, 1881<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Negotiable Instruments Act\u00a0was introduced by\u00a0the Imperial Legislative Council of India (British)\u00a0and was enacted on\u00a09th December 1881\u00a0to define laws related to negotiable instruments. This act has been amended a lot many times and the last amendment done was in 2002. As per\u00a0Section 13\u00a0of this Act,\u00a0&#8220;A negotiable instrument means a\u00a0promissory note, bill of exchange or cheque\u00a0payable either to order or to bearer.\u00a0Negotiable Instruments may include Inland Instruments, Foreign Instruments, and Bank Drafts.<\/p>\n<p>Negotiable instruments may be transferred from one person to another, who is known as a holder in due course. Upon transfer, also called negotiation of the instrument, the holder obtains full legal title to the instrument. They\u00a0may be transferred by delivery or by endorsement and delivery. Examples:\u00a0promissory notes, bills of exchange, cheques, drafts, certificates of deposit.<\/p>\n<h2 id=\"Reserve_Bank_of_India_Act__1934\"><span class=\"ez-toc-section\" id=\"Reserve_Bank_of_India_Act_1934\"><\/span><strong>Reserve Bank of India Act, 1934<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The RBI Act, 1934\u00a0is a legislative act under which the Reserve Bank of India was established. Along with the Companies Act, it was amended in 1936 to provide a framework for the supervision of banking firms in India. The act also defines\u00a0Scheduled Banks.<\/p>\n<p><strong>Here are some of the highlights of this act:<\/strong><\/p>\n<ul>\n<li><strong>Section 17<\/strong>\u00a0of the Act defines the manner in which the RBI can conduct business.<\/li>\n<li><strong>Section 18<\/strong>\u00a0defines emergency loans to banks.<\/li>\n<li><strong>Section 21<\/strong>\u00a0states that the RBI must conduct the banking affairs for the central government and manage public debt.<\/li>\n<li><strong>Section 22<\/strong>\u00a0states that only the RBI has the exclusive rights to issue currency notes in India.<\/li>\n<li><strong>Section 24<\/strong>\u00a0states that the maximum denomination of a note can be \u20b910,000.<\/li>\n<li><strong>Section 26<\/strong> describes the legal tender character of the Indian banknotes.<\/li>\n<li><strong>Section 28<\/strong>\u00a0allows the RBI to form rules regarding the exchange of damaged and imperfect notes.<\/li>\n<li><strong>Section 31<\/strong>\u00a0states that in India only the RBI or the central government can issue and accept promissory notes that are payable on demand.<\/li>\n<li><strong>Section 42(1)<\/strong>\u00a0states that every scheduled bank must maintain an average daily balance with the RBI.<\/li>\n<\/ul>\n<h2 id=\"Banking_Regulation_Act__1949\"><span class=\"ez-toc-section\" id=\"Banking_Regulation_Act_1949\"><\/span><strong>Banking Regulation Act, 1949<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This act regulates all banking firms in India i.e. it provides a framework via which commercial banking in India is supervised and regulated.<\/p>\n<p><strong>Here are some of the highlights of this act:<\/strong><\/p>\n<ul>\n<li>Primary Agricultural Credit Society and Cooperative land mortgage banks are not included under this act.<\/li>\n<li>The act gives the RBI the power to issue new bank licenses; have regulations over shareholding and the voting rights of shareholders.<\/li>\n<li>It also allows RBI to supervise the appointment of the boards and regulate the operations of banks.<\/li>\n<li>It also lays down the instructions for audits to be conducted by the RBI, control moratorium, mergers, and liquidation issue directives in the interests of public good and on banking policy.<\/li>\n<li>Cooperative Banks were included in this act under the 1965 amendment.<\/li>\n<\/ul>\n<p>New Updates:\u00a0Banking Regulation (Amendment) Bill, 2020\u00a0was introduced in Lok Sabha that will\u00a0strengthen cooperative banks by enhancing professionalism, enabling access to capital, improving governance, and ensuring sound banking through RBI. It comes in the backdrop of PMC scam.\u00a0It seeks to enforce banking regulation guidelines of RBI in cooperative banks, while administrative issues will still be guided by the Registrar of Cooperative Societies.\u00a0It will also bring cooperative banks on par with banking sector development through better management and proper regulation.<\/p>\n<h2 id=\"State_Bank_of_India_Act__1955\"><span class=\"ez-toc-section\" id=\"State_Bank_of_India_Act_1955\"><\/span><strong>State Bank of India Act, 1955<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Under the State Bank of India Act of 1955,\u00a0the Reserve Bank of India acquired a controlling interest in the Imperial Bank of India.\u00a0On 1 July 1955,\u00a0the Imperial Bank of India became the State Bank of India. In 2008, the Government of India acquired the Reserve Bank of India&#8217;s stake in the SBI to remove any conflict of interest between the two as the RBI is the country&#8217;s topmost banking regulatory authority.<\/p>\n<h2 id=\"Deposit_Insurance_and_Credit_Guarantee_Corporation_Act__1961\"><span class=\"ez-toc-section\" id=\"Deposit_Insurance_and_Credit_Guarantee_Corporation_Act_1961\"><\/span><strong>Deposit Insurance and Credit Guarantee Corporation Act, 1961<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Under this Act,\u00a0Deposit Insurance and Credit Guarantee Corporation\u00a0(DICGC),\u00a0a subsidiary of the RBI was set up on 15th July 1978 to provide insurance of deposits and guaranteeing of credit facilities.\u00a0DICGC insures saving deposits, fixed deposits, current deposits, and recurring deposits up to a limit of Rs. 100,000.\u00a0As per this act, all new commercial banks are required to be registered as soon as they are granted a license by the Reserve Bank of India.<\/p>\n<h2 id=\"Regional_Rural_Banks_Act__1976\"><span class=\"ez-toc-section\" id=\"Regional_Rural_Banks_Act_1976\"><\/span><strong>Regional Rural Banks Act, 1976<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Under this act, Regional Rural Banks were established\u00a0to create an alternative channel to the cooperative credit structure and to ensure sufficient institutional credit for the rural and agriculture sector. This act was\u00a0recommended by\u00a0\u00a0M. Narasimham.\u00a0They are jointly owned by the\u00a0Government of India, the concerned State Government, and Sponsor Banks with the issued capital shared in the proportion of 50 percent, 15 percent, and 35 percent respectively.<\/p>\n<h2 id=\"Securities_and_Exchange_Board_of_India_Act__1992\"><span class=\"ez-toc-section\" id=\"Securities_and_Exchange_Board_of_India_Act_1992\"><\/span><strong>Securities and Exchange Board of India Act, 1992<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Under this act,\u00a0the Securities and Exchange Board of India (SEBI) was given Statutory powers on 30th January 1992.\u00a0The Act\u00a0was enacted for the regulation and development of the securities market in India. It was\u00a0amended in the years 1995, 1999 and 2002\u00a0to meet the ever-evolving needs of the securities market.<\/p>\n<h2 id=\"Foreign_Exchange_Management_Act__1999\"><span class=\"ez-toc-section\" id=\"Foreign_Exchange_Management_Act_1999\"><\/span><strong>Foreign Exchange Management Act, 1999<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Foreign Exchange Management Act, 1999\u00a0popularly known as FEMA is the\u00a0Bible of all Forex transactions\u00a0that happen in the country. In other words, it is a set of regulations that empowers the Reserve Bank of India to pass regulations and enables the Government of India to pass rules relating to foreign exchange in tune with the foreign trade policy of India.<\/p>\n<ul>\n<li>It was enacted to\u00a0consolidate and amend the law relating to foreign exchange in order to facilitate external trade and to promote orderly development and maintenance of the foreign exchange market in India.<\/li>\n<li>It\u00a0replaced the Foreign Exchange Regulation Act (FERA),\u00a0which had become incompatible with the pro-liberalization policies of the Government of India.<\/li>\n<li>The act paved the way for a new foreign exchange management regime that was consistent with the emerging framework of the World Trade Organisation (WTO).<\/li>\n<\/ul>\n<h2 id=\"SARFAESI_ACT__2002\"><span class=\"ez-toc-section\" id=\"SARFAESI_ACT_-2002\"><\/span><strong>SARFAESI ACT -2002<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><strong>Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act<\/strong><\/h3>\n<p>The\u00a0Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 is a law that helps financial institutions to ensure asset quality in a number of ways. The Act upholds three methods for the recovery of NPAs. They are as follows:<\/p>\n<ol>\n<li>Securitization;<\/li>\n<li>Asset Reconstruction; and<\/li>\n<li>Enforcement of Security without the intervention of the Court.<\/li>\n<\/ol>\n<p>SARFAESI Act, 2002\u00a0does not apply to unsecured loans, loans below \u20b9100,000, or loans where remaining debt is below 20% of the original principal amount<\/p>\n<h2 id=\"Prevention_of_Money_Laundering_Act__2002\"><span class=\"ez-toc-section\" id=\"Prevention_of_Money_Laundering_Act_2002\"><\/span><strong>Prevention of Money Laundering Act, 2002<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The act was enacted in order to prevent Money Laundering as well as to provide provisions for the confiscation of properties obtained from money laundering. This act was amended in 2005, 2009, and 2012.\u00a0It involves the following:<\/p>\n<ul>\n<li>Punishment for Money laundering<\/li>\n<li>powers of attachment of tainted property<\/li>\n<li>adjudicating authority<\/li>\n<li>the presumption in interconnected transactions<\/li>\n<li>Special court and FIU &#8211; Ind (Financial Intelligence Unit \u2013 India<\/li>\n<\/ul>\n<h2 id=\"Fiscal_Responsibility_and_Budget_Management__FRBM__Act__2003\"><span class=\"ez-toc-section\" id=\"Fiscal_Responsibility_and_Budget_Management_FRBM_Act_2003\"><\/span><strong>Fiscal Responsibility and Budget Management\u00a0<\/strong><strong>(FRBM)\u00a0<\/strong><strong>Act, 2003<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>FRBM act set targets for the Government of India to establish financial discipline, improve the management of public funds, strengthen fiscal prudence and reduce its fiscal deficits. It is also\u00a0intended to give flexibility to RBI for managing inflation in India.\u00a0It was introduced with the following objective:<\/p>\n<ul>\n<li>Introduction of a transparent system of financial management within the country<\/li>\n<li>Ensuring equitable distribution of debt over the years<\/li>\n<li>Ensuring fiscal stability in the long run<\/li>\n<\/ul>\n<h2 id=\"Government_Securities_Act__2006\"><span class=\"ez-toc-section\" id=\"Government_Securities_Act_2006\"><\/span><strong>Government Securities Act, 2006<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Government Securities Act, 2006 is the legislation of the Parliament of India to introduce various improvements in the government securities market and the management of government securities by the Reserve Bank of India (RBI). It replaced the Public Debt Act, of 1944.<\/p>\n<h2 id=\"Banking_Ombudsman_Scheme\"><span class=\"ez-toc-section\" id=\"Banking_Ombudsman_Scheme\"><\/span><strong>Banking Ombudsman Scheme<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Banking Ombudsman Scheme is an inexpensive forum for bank customers for the resolution of complaints relating to certain services rendered by banks. It was implemented by the RBI to redress the complaints of customers on certain types of banking services provided by banks and to facilitate the settlement of those complaints. It was introduced under the Banking Regulation Act of 1949 by RBI.<\/p>\n<p><strong>Institutions covered under the Banking Ombudsman Scheme<\/strong><\/p>\n<ul>\n<li>All Scheduled Commercial Banks,<\/li>\n<li>Regional Rural Banks (RRBs) and<\/li>\n<li>Scheduled Primary Co-operative Banks (UCBs)<\/li>\n<li>Some NBFCs<\/li>\n<\/ul>\n<p><strong>Fees:<\/strong>\u00a0The Banking Ombudsman does not charge any fee for filing and resolving customers\u2019 complaints<\/p>\n<p>RBI has 22 Ombudsman Offices in India.<\/p>\n<p><strong>Integrated Ombudsman scheme<\/strong><\/p>\n<p>About Integrated Ombudsman scheme<\/p>\n<ul>\n<li>The scheme aims to simplify the process of redress of grievances mechanism easier for resolving customer complaints against entities regulated by RBI.<\/li>\n<li>The central theme of the Integrated Ombudsman scheme is based on \u2018One Nation-One Ombudsman\u2019 for customers to file their complaints, submit the documents, track status, and provide feedback.<\/li>\n<li>A multi-lingual toll-free number has also been launched to provide all relevant information on grievance redress and assistance for filing complaints.<\/li>\n<\/ul>\n<p><strong>One Nation One Ombudsman<\/strong><\/p>\n<ul>\n<li>RBI integrated three Ombudsman schemes and adopted the \u2018One Nation One Ombudsman\u2019 approach for grievance redressal to make the alternate dispute redress mechanism simpler and more responsive to the customers of regulated entities<\/li>\n<li>Earlier, there were 3 Ombudsman schemes in India:\n<ul>\n<li>Banking Ombudsman Scheme<\/li>\n<li>Ombudsman Scheme for Non-Banking Financial Companies<\/li>\n<li>Ombudsman Scheme for Digital Transactions.<\/li>\n<\/ul>\n<\/li>\n<li>Over 20 ombudsman offices of the Reserve Bank of India (RBI) work on consumers&#8217; grievance redressal processes across the country.<\/li>\n<\/ul>\n<p><strong>What are the advantages of the Integrated Ombudsman scheme?<\/strong><\/p>\n<ul>\n<li>It will act as faster resolving any grievances of customers.<\/li>\n<li>The multi-lingual toll-free helpline number will, in addition to building trust and confidence, also reduce expenditure on both financial and human resources.<\/li>\n<li>It will help in providing all the relevant information on grievance redress and assistance for filing complaints.<\/li>\n<li>Under this new initiative, there will be a single point of reference for the customers to file their complaints, submit documents, track the status of their complaints.<\/li>\n<li>It will also aid with filing complaints.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The banking sectors Act has a major role to play in the financial upliftment of the Indian Economy. We have come up with the most important Banking Acts like Reserve Bank of India Act, 1934; Reserve Bank of India Act, 1934; Insurance Regulatory and Development Authority Act, 1999; Foreign Exchange Management Act, 1999; SARFAESI-2002, etc [&hellip;]<\/p>\n","protected":false},"author":92,"featured_media":25515436,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[802,246,1863],"tags":[],"class_list":["post-25515435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-banking","category-banking-notes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank Acts and Regulations for Bank Exams 2022 - Entri Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank Acts and Regulations for Bank Exams 2022 - Entri Blog\" \/>\n<meta property=\"og:description\" content=\"The banking sectors Act has a major role to play in the financial upliftment of the Indian Economy. We have come up with the most important Banking Acts like Reserve Bank of India Act, 1934; Reserve Bank of India Act, 1934; Insurance Regulatory and Development Authority Act, 1999; Foreign Exchange Management Act, 1999; SARFAESI-2002, etc [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/\" \/>\n<meta property=\"og:site_name\" content=\"Entri Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/entri.me\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-12T04:30:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/03\/Untitled-30-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"820\" \/>\n\t<meta property=\"og:image:height\" content=\"615\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Aleena V Noushad\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@entri_app\" \/>\n<meta name=\"twitter:site\" content=\"@entri_app\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aleena V Noushad\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/\"},\"author\":{\"name\":\"Aleena V Noushad\",\"@id\":\"https:\/\/entri.app\/blog\/#\/schema\/person\/282abb73bf1e2468d08cf486d1f075e2\"},\"headline\":\"Bank Acts and Regulations for Bank Exams 2022\",\"datePublished\":\"2022-03-12T04:30:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/\"},\"wordCount\":1973,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/entri.app\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/entri.app\/blog\/wp-content\/uploads\/2022\/03\/Untitled-30-1.png\",\"articleSection\":[\"Articles\",\"Banking\",\"Banking Notes\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/\",\"url\":\"https:\/\/entri.app\/blog\/bank-acts-and-regulations-for-bank-exams\/\",\"name\":\"Bank Acts and Regulations for Bank Exams 2022 - 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