Act Text
Preamble1 - Banking Regulation Act, 1949
Section1 - SHORT TITLE, EXTENT AND COMMENCEMENT
Section2 - APPLICATION OF OTHER LAWS NOT BARRED - The provisions of this Act shall be in addition to. and not, save as hereinafter
Section3 - ACT TO APPLY TO CO CO--OPERATIVE SOCIETIES IN CERTAIN CASES - Nothing in this Act shall apply to
Chapter1 - POWER TO SUSPEND OPERATION OF ACT
Section5 - INTERPRETATION -10[[*] In this Act,] unless there is anything repugnant in the subject or context,- 11[
Section05A - ACT TO OVERRIDE MEMORANDUM, ARTICLES, ETC - Save as otherwise expressly provided in this Act,
Section6 - FORMS OF BUSINESS IN WHICH BANKING COMPANIES MAY ENGAGE
Section7 - USE OF WORDS "BANK", "BANKER", "BANKING" OR "BANKING COMPANY."
Section8 - PROHIBITION OF TRADING 1- Notwithstanding anything contained in section 6-or in any contract, no banking company shall
Section9 - DISPOSAL OF NON-BANKING ASSETS - Notwithstanding anything contained in section 6-, no banking company shall hold any
Section10 - PROHIBITION OL EMPLOY MENT OF EMPLOYMENT AGCETS AND RESTRICTIONS ON CERTAIN FORMS OF EMPLOYMENT
Section10A - BOARD OF DIRECTORS TO INCLUDE PERSONS WITH PROFESSIONAL OR OTHER EXPERIENCE
Section10B - BANKING COMPANY TO BE MANAGED BY WHOLE "TIME CHAIRMAN 55
Section10C - CHAIRMAN AND CERTAIN DIRECTORS NOT TO BE REQUIRED TO HOLD QUALIFICATION SHARES -71[A Chairman of the Board of Directors
Section10D - PROVISIONS OF SECTIONS 10A AND 10B TO OVERRIDE ALL OTHER LAWS, CONTRACTS, ETC Any appointment or removal of a
Section11 - REQUIREMENT AS TO MINIMUM PAID --UP CAPITAL AND RESERVES
Section12 - REGULATION OF PAID --UP CAPITAL, SUBSCRIBED CAPITAL AND AUTHORISED CAPITAL AND VOTING RIGHTS OF SHAREHOLDERS
Chapter2 - ELECTION OF NEW DIRECTORS
Section13 - RESTRICTION ON COMMISSION, BROKERAGE, DISCOUNT, ETC., ON SALE OF SHARES Notwithstanding anything to the contrary
Section14 - PROHIBITION OF CHARGE ON UNPAID CAPITAL - No banking company shall create any charge upon any unpaid capital of the
Chapter3 - PROHIBITION OF FLOATING CHARGE ON ASSETS
Section15 - RESTRICTIONS AS TO PAYMENT OF DIVIDEND 93[
Section16 - PROHIBITION OF COMMON DIRECTORS 96
Chapter4 - RESERVE FUND
Chapter5 - CASH RESERVE
Section19 - RESTRICTION ON NATURE OF SUBSIDIARY COMPANIES 101[
Chapter6 - RESTRICTIONS ON LOANS AND ADVANCES
Chapter7 - RESTRICTIONS ON POWER TO REMIT DEBTS
Section21 - POWER OF RESERVE BANK TO CONTROL ADVANCES BY BANKING COMPANIES
Section21A - RATES OF INTEREST CHARGED BY BANKING COMPANIES NOT TO BE SUBJECT
Section22 - LICENSING OF BANKING COMPANY 109[
Section23 - RESTRICTIONS ON OPENING OF NEW. AND TRANSFER OF EXISTING, PLACES OF BUSINESS
Chapter8 - MAINTENANCE OF A PERCENTAGE OF ASSETS
Section25 - ASSETS IN INDIA 126[
Section26 - RETURN OF UNCLAIMED DEPOSITS - Every banking company shall, within thirty days after the close of each calendar year,
Section27 - MONTHLY RETURNS 114 [POWER TO CALL FOR OTHER RETARNS AND INFORMATION
Section28 - POWER TO PUBLISH INFORMATION - The Reserve Bank or the National Bank, or both, if they consider it in the public
Chapter9 - ACCOUNTS AND BALANCE SHEET
Section30 - AUDIT 147[
Section31 - SUBMISSION OF RETURNS - The accounts and balance sheet referred to in section 29-together with the auditor's report
Section32 - COPIES OF BALANCE SHEETS AND ACCOUNTS TO BE SENT TO REGISTRAR 154[
Section33 - DISPLAY OF AUDITED BALANCE SHEET BY COMPANIES INCORPORATED OUTSIDE INDIA - Every banking company
Section34 - ACCOUNTING PROVISIONS OF THIS ACT NOT RETROSPECTIVE - Nothing in this Act shall apply to the preparation of accounts by
Chapter10 - PRODUCTION OF DOCUMENTS OF CONFIDENTIAL NATURE
Chapter11 - INSPECTION
Section35A - POWER OF THE RESERVE BANK TO GIVE DIRECTIONS
Section35B - AMENDMENT OF PROVISIONS RELATING TO APPOINTMENTS OF MANAGING DIRECTORS, ETC., TO BE SUBJECT TO PREVIOUS APPROVAL OF THE
Section36 - FURTHER POWERS AND FUNCTIONS OF RESERVE BANK
Section36A - CERTAIN PROVISIONS OF THE ACT NOT TO APPLY TO CERTAIN BANKING COMPANIES
Section36B - HIGH COURT DEFINED - In this Part and in Part IIIA, "High Court", in relation to a banking company, means the High
Chapter12 - SUSPENSION OF BUSINESS
Chapter13 - WINDING UP BY HIGH COURT
Chapter14 - COURT LIQUIDATOR
Section39 - RESERVE BANK TO BE OFFICIAL LIQUIDATOR 214[
Chapter15 - APPLICATION OF COMPANIES ACT TO LIQUIDATORS
Section40 - STAY OF PROCEEDINGS - Notwithstanding anything to the contrary contained in216[section 466 of the Companies Act,
Section41 - PRELIMINARY REPORT BY OFFICIAL LIQUIDATOR - Notwithstanding anything to the contrary contained in section 455 of the
Section41A - NOTICE TO PREFERENTIAL CLAIMANTS AND SECURED AND UNSECURED CREDITORS
Section42 - POWER TO DISPENSE WITH MEETING OF CREDITORS, ETC - Notwithstanding anything to the contrary contained in [220[section
Section43 - BOOKED DEPOSITORS' CREDITS TO BE DEEMED PROVED In any proceeding for winding up of a banking company, every depositor
Chapter16 - PREFERENTIAL PAYMENTS TO DEPOSITORS
Section44 - POWERS OF HIGH COURT IN VOLUNTARY WINDING UP
Chapter17 - PROCEDURE FOR AMALGAMATION OF BANKING COMPANIES
Section44B - RESTRICTION ON COMPROMISE OR ARRANGEMENT BETWEEN BANKING COMPANY AND CREDITORS 236[
Section45 - POWER OF RESERVE BANK TO APPLY TO CENTRAL GOVERNMENT FOR SUSPENSION OF BUSINESS OF A BANKING COMPANY AND TO PREPARE
Section45A - PART III A TO OVERRIDE OTHER LAWS The provisions of this Part and the rules made there under shall have effect
Section45B - POWER OF HIGH COURT TO DECIDE ALL CLAIMS IN RESPECT OF BANKING COMPANIES The High Court shall, save as otherwise
Chapter18 - TRANSFER OF PENDING PROCEEDINGS
Chapter19 - SETTLEMENT OF LIST OF DEBTORS
Section45E - SPECIAL PROVISIONS TO MAKE CALLS ON CONTRIBUTORIES - Notwithstanding that the list of the contributories has not been
Chapter20 - DOCUMENTS OF BANKING TO BE EVIDENCE
Chapter21 - PUBLIC EXAMINATION OF DIRECTORS AND AUDITORS
Section45H - SPECIAL PROVISIONS FOR ASSESSING DAMAGES AGAINST DELINQUENT DIRECTORS, ETC
Section45I - DUTY OF DIRECTORS AND OFFICERS OF BANKING COMPANY TO ASSIST IN THE REALISATION OF PROPERTY -Every director or other
Section45J - SPECIAL PROVISIONS FOR PUNISHING OFFENCES IN RELATION TO BANKING COMPANIES BEING WOUND UP
Section45K - POWER OF HIGH COURT TO ENFORCE SCHEME OF ARRANGEMENTS ETC - [Omitted by the Banking Companies
Section45L - PUBLIC EXAMINATION OF DIRECTORS AND AUDITORS, ETC., IN RESPECT OF A BANKING COMPANY UNDER SCHEMES OF ARRANGEMENT
Section45M - SPECIAL PROVISIONS FOR BANKING COMPANIES WORKING UNDER SCHEMES OF ARRANGEMENT AT THE COMMENCEMENT OF THE AMENDMENT ACT
Chapter22 - APPEALS
Chapter23 - SPECIAL PERIOD OF LIMITATION
Section45P - RESERVE BANK TO TENDER ADVICE IN WINDING UP PROCEEDINGS Where in any proceeding for the winding up of a banking company
Chapter24 - POWER TO INSPECT
Section45R - POWER TO CALL FOR RETURNS AND INFORMATION - The Reserve Bank may, at any time by a notice in writing, require the
Section45S - CHIEF PRESIDENCY MAGISTRATE AND DISTRICT MAGISTRATE TO ASSIST OFFICIAL LIQUIDATOR IN TAKING CHARGE OF PROPERTY OF
Section45T - ENFORCEMENT OF ORDERS AND DECISIONS OF HIGH COURT
Section45U - POWER OF HIGH COURT TO MAKE RULES - The High Court may make rules consistent with this Act and the rules made under
Section45V - REFERENCES TO DIRECTORS, ETC., SHALL BE CONSTRUED AS INCLUDING REFERENCES TO PAST DIRECTORS, ETC - For the removal of
Section45W - PART II NOT TO APPLY TO BANKING COMPANIES BEING WOUND UP - Nothing contained in Part II shall apply to a banking
Section45X - VALIDATION OF CERTAIN PROCEEDINGS - Notwithstanding anything contained in section 45B-or any other provision of this
Part03 - : PROVISIONS RELATING TO CERTAIN OPERATIONS OF BANKING COMPANIES
Section45Y - POWER OF CENTRAL GOVERNMENT TO MAKE RULES FOR THE PRESERVATION OF RECORDS - The Central Government may, after
Chapter25 - RETURN OF PAID INSTRUMENTS TO CUSTOMERS
Chapter26 - PENALTIES
Section47 - COGNIZANCE OF OFFENCES - No Court shall take cognizance of any offence punishable under293[sub-section
Section47A - POWER OF RESERVE BANK TO IMPOSE PENALTY
Section48 - APPLICATION OF FINES - A Court imposing any fine under this Act may direct that the whole or any part thereof shall be
Section49 - SPECIAL PROVISIONS FOR PRIVATE BANKING COMPANIES - The exemptions, whether express or implied, in favour of a private
Section49A - RESTRICTION ON ACCEPTANCE OF DEPOSITS WITHDRAWABLE BY CHEQUE No person other than a banking company, the Reserve Bank,
Section49B - CHANGE OF NAME BY A BANKING COMPANY - Notwithstanding anything contained in section 21 of the Companies Act, 1956-, the
Section49C - ALTERATION OF MEMORANDUM OF A BANKING COMPANY - Notwithstanding anything contained in the Companies Act, 1956, no
Section50 - CERTAIN CLAIMS FOR COMPENSATION BARRED - No person shall have any right, whether in contract or otherwise, to any
Section51 - APPLICATION OF CERTAIN PROVISIONS TO THE STATE BANK OF INDIA AND OTHER NOTIFIED BANKS 305[
Section52 - POWER OF CENTRAL GOVERNMENT TO MAKE RULES
Section53 - POWER TO EXEMPT IN CERTAIN CASES - The Central Government may, on the recommendation of the Reserve Bank, declare, by
Chapter27 - PROTECTION OF ACTION TAKEN UNDER ACT
Section55 - AMENDMENT OF ACT II OF 1934 - The Reserve Bank of India Act, 1934, shall be amended in the manner specified in the
Section55A - POWER TO REMOVE DIFFICULTIES - If any difficulty arises in giving effect to the provisions of this Act, the Central
Section56 - ACT TO APPLY TO CO --OPERATIVE SOCIETIES SUBJECT TO MODIFICATIONS - The provisions of this Act, as in force for the
Schedule02 - : THE SCHEDULE (See Section 55-) AMENDMENTS SCHEDULE 03: THE SCHEDULE (See Section 56-) REPEALS - [Repealed] SCHEDULE 04
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