Financial Institution, means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in s. 51 of that Act); or any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf. [Income Tax Act, 1961 (43 of 1961), s. 80E(3)(b)]
Means:
(i) a public financial institution within the meaning of s. 4A of the Companies Act, 1956;
(ii) such other institution as the Central Government may, having regard to its business activity and the area of its operation in India by notification, specify. [Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), s. 2 (h)]
Financial institution means:
(i) a public financial institution within the meaning of s. 4A of the Companies Act, 1956 (1 of 1956);
(ii) any institution specified by the Central Govern-ment under sub-clause (ii) of clause (h) of s. 2 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993);
(iii) the International Finance Corporation establi-shed under the International Finance Cor-poration (Status, Immunities and Privileges) Act, 1958 (42 of 1958);
(iv) any other institution or non-banking financial company as defined in clause (f) of s. 45-I of the Reserve Bank of India Act, 1934 (2 of 1934), which the Central Government may, by notification, specify as financial institution for the purposes of this Act. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2(1) (m)]
Financial institution means a financial institution as defined in clause (c) of s. 45-I of the Reserve Bank of India Act, 1934 (2 of 1934) and includes a chit fund company, a co-operative bank, a housing finance institution and a non-banking financial company. [Prevention of Money-Laundering Act, 2002 (15 of 2003), s. 2(1) (l)]
A business organisation or other entity that manage money, credit or capital such as a bank credit union, savings and loan association, securities broker and dealer, pawnbroker, or investment company, Black's Law Dictionary, 7th Edn., p. 644.
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