Buy Banking Regulation and Compliance | our publication, New Arrivals, A Social Legal Perspective

ABOUT THE BOOK

In India, the banking sector is primarily regulated by the Reserve Bank of India (RBI), according to the Ministry of Finance. The Banking Regulation Act, 1949, and related acts provide the legal framework for this regulation. The RBI oversees both public and private sector banks, with powers to inspect, examine, and direct these institutions for the benefit of depositors, the bank itself, and the broader public interest. The Banking industry in India has historically been one of the most unwavering systems globally, despite worldwide disturbances. The health of the Indian banking system is robust, fortified by a multi-year low in non-performing loans and an adequate level of capital and liquidity buffers. As per the Reserve Bank of India (RBI), India's banking sector is sufficiently capitalised and well regulated. Increasing banking outreach and digitalisation has been one of the core targets of India. The Pradhan Mantri Jan Dhan Yojana, one of the biggest national schemes, made many financial services more accessible and affordable to financially excluded segments of society. This scheme enables the population without savings accounts to open an account without a minimum balance requirement. As at October 2023, around 506.3 million accounts have been opened under the scheme, with the aggregate deposit amount in such accounts at 2.05 trillion rupees.