Banking regulation Act was passed in:

Correct option is C

The correct answer is (c) 1949.
· The Banking Regulation Act was passed in 1949. This Act regulates all banking firms in India and gives the Reserve Bank of India (RBI) the authority to control banks, including licensing, operations, management, and liquidation.
Information Booster:
· Key Provisions: The Act gives the RBI powers to control and supervise commercial banks. It ensures proper management of the banking sector, handles issues of mergers and closures, and secures depositor interests.
· Amendments: The Act has undergone multiple amendments, with one significant change being made in 2020 to bring cooperative banks under the purview of the RBI.