Recently Reserve Bank of India(RBI) superseded the board of directors of Reliance Capital Limited(RCL), a Non-Banking Financial Company, and appointed Nageswar Rao Y as the administrator of the company. Under which of the following act did RBI supersede the board?
1
Banking Regulation Act 1949
2
Foreign Exchange Management Act 1999
3
Deposits Insurance and Credit Guarantee Corporation Act 1961
4
Reserve Bank of India Act 1934
5
Companies Act 1956