Here are some MCQs on Banking Regulation Act
1. Which act is considered the central piece of legislation for regulating banks in India?
a) Banking Regulation Act, 1949
b) Reserve Bank of India Act, 1934
c) Negotiable Instruments Act, 1881
d) State Bank of India Act, 1955
2. The Banking Regulation Act, 1949 is administered and regulated by:
a) Ministry of Finance
b) Reserve Bank of India
c) Indian Banks’ Association
d) Securities and Exchange Board of India
3. The Banking Regulation Act, 1949 was enacted to:
a) Regulate the functioning of financial institutions in India
b) Provide uniform banking regulations across the country
c) Consolidate and amend the law relating to banking
d) All of the above
4. Under the Banking Regulation Act, 1949, the term “banking” includes:
a) Accepting deposits
b) Lending or investment activities
c) Both accepting deposits and lending or investment activities
d) None of the above
5. The Banking Regulation Act, 1949 prohibits banks from:
a) Accepting demand deposits
b) Granting loans and advances
c) Charging interest on loans
d) Carrying on any form of business other than banking
