: Wherever a bank is formed in accordance with the rules of the prevailing financial and banking laws of the country. No one can set up a bank if he wants to . The customary law of the country (1991) is to set up a bank with the permission of the central bank and the government. In case of one owned bank, the permission of the central bank is sufficient. In the case of a partnership bank, the partnership law of 1932 has to be complied with. In the case of Company Banking, it is governed by the Companies Act, 1994 and in the case of Cooperative Banking, the Cooperatives Act, 2001 and the Cooperatives Rules, 2004.