Bare Act Search Results

Banking Regulation Act, 1949 Complete Act

State: Central

Year: 1949

.....on 19-9-1949. This Act now incorporates the provisions contained therein in the Banking Companies Act. 1949 as a pernabebt basis, in addition. this Act also amends the said Act for the following purposes :- (a) to incorporate special provisions for facilitating quick amalgamations between banking companies: (b) to empower the Reserve Bank to control opening of branches by Indian banks in foreign countries: (c) to provide a meaning of the terms "assets in India" for the purpose of section 25.-Gaz. of Ind.. 24-12-1949. Pt. V. p:501. Act 52 of 1953.- The Banking Companies Act. 1949 (X of 1949) was passed to ensure proper administration of the banking companies in India. The liquidation of banks, however, continued to be governed by the provisions of the Indian Companies Act, 1913. Experience of the liquidation of a large number of banks that failed during the post-war and post-partition period disclosed that the procedure for the liquidation of joint stock companies was totally inadequate for the liquidation of banking companies in a manner satisfactory to the depositors. A bank has a far larger number of debtors than a joint stock company of a comparable size, and the necessity to.....

Banking Regulation Act, 1949 Part 2

Title: Business of Banking Companies

State: Central

Year: 1949

.....of guarantee and indemnity business; (f) managing, selling andrealising any property which may come into the possession of the company insatisfaction or part satisfaction of any of its claims; (g) acquiring and holding andgenerally dealing with any property or any right, title or interest in any suchproperty which may form the security or part of the security for any loans or advancesor which may be connected with any such security; (h) undertaking and executingtrusts; (i) undertaking theadministration of estates as executor, trustee or otherwise; (j) establishing and supportingor aiding in the establishment and support of associations, institutions,funds, trusts and conveniences calculated to benefit employees or ex-employeesof the company or the dependents or connections of such persons; grantingpensions and allowances and making payments towards insurance; subscribing toor guaranteeing moneys for charitable or benevolent objects or for anyexhibition or for any public, general or useful object; (k) the acquisition,construction, maintenance and alteration of any building or works necessary orconvenient for the purposes of the company; (l) selling,.....

Banking Regulation Act, 1949 Section 24

Title: Maintenance of a Percentage of Assets

State: Central

Year: 1949

.....26, for certain words and figures w.e.f. 29-3-1985. 8. Substituted by Act 1 of 1984, Section 26, for clause (b) w.e.f.29-9-1985. 9. Inserted by Act 1 of 1984 Section 26 w.e.f. 29-3-1985. 10. Inserted by Act 21 of 1976, Section 33 w.e.f. 26-9-1975. 11. Certain words omitted by Act I of 1984, Section 26 w.e.f. 29-3-1985. 12. Substituted by Act 1 of 1984, Section 26, for sub-section(3) w.e.f. 29-3-1985. 13. Omitted by the Banking Regulation (Amendment) Act, 2007, w.e.f. 23rd January, 2007. Prior to omission the text read as under: "(1) After the expiry of two years from the commencement of this Act, every banking company shall maintain 1[in India] in cash, gold or unencumbered approved securities, valued at a price not exceeding the current market price, an amount which shall not at the close of business on any day be less than 20 percent of the total of its 2[demand and time liabilities] 3[in India]. 4[Explanation.--For the purposes of this section, "unencumbered approved securities" of a banking company shall include its approved securities lodged with another institution for an advance or any other credit arrangement to the extent to which such securities have.....

Banking Regulation Act, 1949, (Maharashtra) Section 24

Title: Maintenance of a Percentage of Assets

State: Maharashtra

Year: 1949

.....banking company had sufficient cause for its failure to comply with the provisions of clause (a) of sub-section (2-A) the Reserve Bank may not demand the payment of the penal interest. Explanation : In this section, the expression "public holiday" means a day which is a public holiday under the Negotiable Instruments Act, 1881 (26 of 1881)]. ______________________ 1. Omitted by Act 1 of 1984 section 42. 2. Inserted by Act 33 of 1959. section 15 (w.e.f. 1.10.1959). 3. Inserted by Act 1 of 1984 section 61 and Schedule II (w.e.f. 15.2.1984). 4. Substituted for the words "in the States" by Act 20 of 1950. 5. Substituted for the orginial Explnation by Act 33 of 1959, section 15. 6. Sub-sections 2 and 2(a) substituted by Act 1 of 1984. 7. Inserted by Act 21 of 1976, section 33 (w.e.f. 26.9.1975). 8. Omitted by Act No. 1 of 1984, section 26 (w.e.f. 29.3.1985). 9. Substituted by Act No. 1 of 1984, section 26 (w.e.f. 29.3.1985).

Reserve Bank of India Act, 1934 (2 of 1934) Chapter 3

Title: Central Banking Functions

State: Central

Year: 1934

.....words "Part B" omitted by Act 37 of 1956, section 104 (w.e.f. 1-11-1956). 3. The words "(including the autonomous State of Meghalaya)" Inserted by Act 54 of 1969, section 75 and omitted by Act 81 of 1971, section 72 (w.e.f. 21-1-1972). Section 21B - Effect of agreements made between the Bank and certain States before the 1st November, 1956 1 [21B. Effect of agreements made between the Bank and certain States before the 1st November, 1956 (1) Any agreement made under section 21 or section 21A between the Bank and the Government of a State specified in the Explanation below and in force immediately before the 1st day of November, 1956, shall, as from that day have effect as if it were an agreement made on that day under section 21A between the Bank and the Government of the corresponding State subject to such modifications, if any, being of a character not affecting the general operation of the agreement, as may be agreed upon between the Bank and the Government of the corresponding State, or in default of such agreement, as may be made therein by order of the Central Government. Explanation.-In this sub-section "corresponding State" means,- (a) in relation to the.....

Reserve Bank of India Act, 1934 (2 of 1934) Section 42

Title: Cash Reserves of Scheduled Banks to Be Kept with the Bank

State: Central

Year: 1934

.....The Bank may, for the purposes of this section, specify from time to time with reference to any transaction or class of transactions that such transaction or transactions shall be regarded as liability in India of a scheduled bank, and if any question arises as to whether any transaction or class of transactions shall be regarded, for the purposes of this section, as liability in India of a scheduled bank, the decision of the Bank thereon shall be final.] 21 [(2) Every scheduled bank shall send to the Bank a return signed by two responsible officers of such bank showing- (a) the amount of its demand and time liabilities and the amount of its borrowings from banks in India, 22 [classifying them into demand and time liabilities], 23 [***] (b) the total amount of legal tender notes and coins held by it in India, (c) the balance held by it at the Bank in India, (d) the balances held by it at other banks in current account and the money at call and short notice in India, (e) the investments (at book value) in Central and State Government securities including treasury bills and treasury deposit receipts, (f) the amount of advances in India, (g) the inland bills.....

Banking Regulation Act, 1949 Section 18

Title: Cash Reserve

State: Central

Year: 1949

.....shall be reduced by the aggregate of the liabilities of all such banksand institutions to the banking company; (e) the expression"co-operative bank" shall have the meaningassigned to it in clause (cci) of section 56. (2) TheReserve Bank may, for the purposes of this section andsection 24, specify from time to time, with reference to anytransaction or class of transactions, that such transaction ortransactions shall be regarded as liability in India of a banking company and,if any question arises as to whether any transaction or class of transactionsshall be regarded for the purposes of this section and section 24 asliability in India of a banking company, the decision of the Reserve Bankthereon shall be final.] ___________________ 1. Inserted by Act 62 of 1984, Section 71 andThird Schedule 20-3-1985. 2. Inserted by Act 62 of 1984, Section 71 and Third Schedule20-3-1985 3. Inserted by Act 53 of 1987, Section 56 and Schedule w.e.f.9-7-1988. 4. Inserted by Act 39 of 1989, Section 53 and Second Schedule, Pt. IIw.e.f. 25-10-1989.

Banking Regulation Act, 1949 Part 5

Title: Application of the Act to Co-operative Banks

State: Central

Year: 1949

.....for the purposes of this section and section 24, specify from time totime, with reference to any transaction or class of transactions, that suchtransaction or transactions shall be regarded as liability in India of aco-operative bank, and, if any question arises to whether any transaction orclass of transactions shall be regarded for the purposes of this section andsection24, as liability in India of a co-operative bank, the decision of theReserve Bank thereon, shall be final."]; (k) for section 19,the following section shall be substituted, namely:- "19. Restriction on holding shares in otherco-operative societies. -No co-operative bank shall hold shares in any otherco-operative society except to such extent and subject to such conditions asthe Reserve Bank may specify in that behalf: Provided that nothing contained in this section shall applyto- (i) shares acquiredthrough funds provided by the State Government for that purpose; (ii) in the case ofa Central co-operative bank, the holding of shares in the State co-operativebank to which it is affiliated; (iii) in the case ofa primary co-operative bank, the holding of shares in the Central co-perativebank to which it.....

Banking Regulation Act, 1949 Section 56

Title: Act to Apply to Co-operative Societies Subject to Modifications

State: Central

Year: 1949

.....for the purposes of this section and section 24, specify from time totime, with reference to any transaction or class of transactions, that suchtransaction or transactions shall be regarded as liability in India of aco-operative bank, and, if any question arises to whether any transaction orclass of transactions shall be regarded for the purposes of this section andsection24, as liability in India of a co-operative bank, the decision of theReserve Bank thereon, shall be final."]; (k) for section 19,the following section shall be substituted, namely:- "19. Restriction on holding shares in otherco-operative societies. -No co-operative bank shall hold shares in any otherco-operative society except to such extent and subject to such conditions asthe Reserve Bank may specify in that behalf: Provided that nothing contained in this section shall applyto- (i) shares acquiredthrough funds provided by the State Government for that purpose; (ii) in the case ofa Central co-operative bank, the holding of shares in the State co-operativebank to which it is affiliated; (iii) in the case ofa primary co-operative bank, the holding of shares in the Central co-perativebank to which it.....

Banking Regulation Act, 1949, (Maharashtra) Section 18

Title: Cash Reserve

State: Maharashtra

Year: 1949

.....to the co-operative bank; (e) any cash with a co-operative bank or any balance, held by a Co-operatie Bank with another bank, shall not, to the extent such cash or such balance represents the balance in, or investment of, Agricultural Credit Stabilisation Fund of such co-operative Bank, be deemed to be cash maintained in India. (2) The Reserve Bank may, for the purpose of this section and Section 24, specify from time to time, with reference to any transaction or class of transactions, that such transaction or transactions shall be regarded as liability in India of a co-operative bank, and if any question arises as to whether any transaction or class of transaction shall be regarded for the purpose of this section and Section 24, as liability in India of a co-operative bank, the decision of the Reserve Bank thereon shall be final.] _________________________ 1. Substituted by Act 1 of 1984. section 42(v) w.e.f. 29.3.1985).