Banking Act

The Banking Act is a law that regulates how banks operate to protect customers and ensure financial stability. It sets rules for things like how much money banks must keep in reserve, how they handle customer deposits, and how they report their financial health. The act also gives government agencies authority to oversee and regulate banks, preventing risky practices and insolvency. Overall, it aims to promote a safe, trustworthy banking system that supports the economy and safeguards consumers' funds.