The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980

The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 was passed by the Indian Parliament to regulate the acquisition and transfer of banking companies. Under this Act, the central government has the power to acquire the undertakings of banking companies that meet certain criteria. The Act also provides for the payment of compensation to the shareholders of the acquired companies. The Act has been amended several times to reflect changes in the banking sector and to ensure that it remains relevant in the current economic environment. The Act applies to all banking companies operating in India, whether they are public or private sector banks. The Act has been instrumental in promoting the growth and stability of the Indian banking sector.