Finance and Banking Act

The Finance and Banking Act is a piece of legislation that regulates financial institutions and banking practices within a country. It aims to ensure the stability and integrity of the financial system, protect consumers, and prevent illegal activities like fraud and money laundering. The Act establishes rules for how banks operate, including their capital requirements, lending practices, and reporting obligations. It also provides a framework for overseeing and supervising banks to safeguard the economy, promote competition, and enhance public confidence in the financial sector.