"In exercise of the powers conferred by Sections 12, 12B, and 35A of the Banking Regulation Act, 1949, the Reserve Bank of India issued Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companie

"In exercise of the powers conferred by Sections 12, 12B, and 35A of the Banking Regulation Act, 1949, the Reserve Bank of India issued Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies". These directions are issued with the intent of ensuring that the ultimate ownership and control of Banking Companies are well diversified and the major shareholders of Banking Companies are 'Fit and Proper' on a continuing basis. Explain the above statement and also RBI Guidelines to get an approval of voting rights in a Banking Company by any person.