India

The Banking Regulation Act, 1949, is in full effect as the primary legislative instrument for securing the complete solvency, accountability, and stability of the nation’s banking industry. Through empowering the RBI with ultimate interventionist powers to overrule bank management, prevent speculative direct trading, or even revoke commercial bank licences, this Act helps protect depositors' rights by insisting on tough board compositions and liquidity reserves. It has been updated several times by Parliament, with its latest structural amendments in 2025/2026, which have brought great progress in protecting depositors and in corporate governance by allowing a multi-nominee account system and extended terms for cooperative bank management.