Money and banking

Indian Economic System(RAS)

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Local area banks are regulated by

Union government

RBI

State government

Commercial bank

Explanation:

\The Local Area banks are subject to prudential norms, accounting policies and other policies as stipulated by the RBI.

Each Local Area bank is registered as a public limited company under the Companies Act, 1956. However, they are licensed under the Banking Regulation Act, 1949. Only RBI regulates them.

By: bhavesh kumar singh

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