Banking Companies (acquisition and transfer of undertakings) Act

Q.  Which of the following Act refers to the acquisition and transfer of the undertakings of certain banking companies?
- Published on 16 Feb 17

a. Companies Act, 1956
b. Credit Information (Companies Regulation Act, 2005)
c. Banking Companies (acquisition and transfer of undertakings), 1970
d. Banking Regulation Act, 1949

ANSWER: Banking Companies (acquisition and transfer of undertakings), 1970
 
Banking Companies (acquisition and transfer of undertakings) Act, provides provisions for the acquisition and transfer of the undertakings of certain banking companies having regard to their size, resources, coverage and organization in order to control the heights of the economy and to meet progressively.

Amendment :

The Banking Companies (Acquisition And Transfer Of Undertakings) And Financial Institutions Laws (Amendment) Act, 2006.

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