State the legal framework enacted for different categories of banks in India.

RBI regulates banks in terms of powers it derives from The Reserve Bank of India Act, 1934 and The Banking Regulation Act, 1949 (BR Act). The RBI acts confers power to RBI in the matter of managing itself as well as discharging its supervisory duties vis-a-vis other banks as well as powers to function as monetary control authority. The Act confers vast power to RBI vis-a-vis banks such as issuing directions to banks in the area of deposit accounts, interest rates, advances, foreign exchange, CRR/SLR etc. It also regulates credit in India. Apart from RBI, banks are also regulated by other regulator such as Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA), Registrar of Companies (ROC) etc. There is various type of banks set up under different acts passed by the Central Government and State Governments. Their legal framework is as follows: Bank Category Legal Framework State Bank of India State bank of India Act, 1955 Nationalised Bank 1969 Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970 Nationalised Bank 1980 Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980 Regional Rural Banks Regional Rural Banks, 1976 Private Sector Banks Indian Companies Act Co-operative Banks Co-operative Societies Acts (State/Central) and Banking laws (Applicable to Cooperative Societies) Act, 1965, Multistate Co-operative Societies Act, 2002 All the above types of banks are required to follow the relevant provisions of RBI Act, 1934, Banking Regulation Act, 1949 and Prevention of Money Laundering Act, 2002 besides the provisions of the specific Act under which the said bank has been incorporated.