Banking Regulation Act, 1949
Bare Act · 1949
An Act to consolidate and amend the law relating to banking 2 ***.
- Act number
- 10 of 1949
- Enacted
- 10 March 1949
- Contents
- 133 sections · 11 chapters
The first 5 sections are free to read. Sign in free to read the rest.
Contents
Part I — Preliminary
- Section 1 – Short title, extent and commencement
- Section 2 – Application of other laws not barred
- Section 3 – Act not to apply to certain co-operative societies
- Section 4 – Power to suspend operation of Act
- Section 5 – Interpretation
- Section 5A – Act to override memorandum, articles, etc (preview)
Part II — Business Of Banking Companies
- Section 6 – Form of business in which banking companies may engage (preview)
- Section 7 – Use of words "bank", "banker", "banking" or "banking company" (preview)
- Section 8 – Prohibition of trading (preview)
- Section 9 – Disposal of non-banking assets (preview)
- Section 10 – Prohibition of employment of managing agents and restrictions on certain forms of employment (preview)
- Section 10A – Board of directors to include persons with professional or other experience (preview)
- Section 10B – Banking company to be managed by whole time chairman (preview)
- Section 10BB – Power of Reserve Bank to appoint chairman of the Board of directors appointed on a whole-time basis or a managing director of a banking company (preview)
- Section 10C – Chairman and certain directors not to be required to hold qualification shares (preview)
- Section 10D – Provisions of sections 10A and 10B to override all other laws, contracts, etc (preview)
- Section 11 – Requirement as to minimum paid-up capital and reserves (preview)
- Section 12 – Regulation of paid-up capital, subscribed capital and authorised capital and voting rights of shareholders (preview)
- Section 12A – Election of new directors (preview)
- Section 12B – Regulation of acquisition of shares or voting rights (preview)
- Section 13 – Restriction on commission, brokerage, discount, etc., on sale of shares (preview)
- Section 14 – Prohibition of charge on unpaid capital (preview)
- Section 14A – Prohibition of floating charge on assets (preview)
- Section 15 – Restrictions as to payment of dividend (preview)
- Section 16 – Prohibition of common directors (preview)
- Section 17 – Reserve Fund (preview)
- Section 18 – Cash reserve (preview)
- Section 19 – Restriction on nature of subsidiary companies (preview)
- Section 20 – Restrictions on loans and advances (preview)
- Section 20A – Restrictions on power to remit debts (preview)
- Section 21 – Power of Reserve Bank to control advances by banking companies (preview)
- Section 21A – Rates of interest charged by banking companies not to be subject to scrutiny by courts (preview)
- Section 22 – Licensing of banking companies (preview)
- Section 23 – Restrictions on opening of new, and transfer of existing, places of business (preview)
- Section 24 – Maintenance of a percentage of assets (preview)
- Section 25 – Assets in India (preview)
- Section 26 – Return of unclaimed deposits (preview)
- Section 26A – Establishment of Depositor Education and Awareness Fund (preview)
- Section 27 – Monthly returns and power to call for other returns and information (preview)
- Section 28 – Power to publish information (preview)
- Section 29 – Accounts and balance-sheet (preview)
- Section 29A – Power in respect of associate enterprises (preview)
- Section 30 – Audit (preview)
- Section 31 – Submission of returns (preview)
- Section 32 – Copies of balance-sheets and accounts to be sent to registrar (preview)
- Section 33 – Display of audited balance-sheet by companies incorporated outside India (preview)
- Section 34 – Accounting provision of this Act not retrospective (preview)
- Section 34A – Production of documents of confidential nature (preview)
- Section 35 – Inspection (preview)
- Section 35A – Power of the Reserve Bank to give directions (preview)
- Section 35AA – Power of the Central Government to authorize Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process (preview)
- Section 35AB – Power of Reserve Bank to issue directions in respect of stressed assets (preview)
- Section 35B – Amendments of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Reserve Bank (preview)
- Section 36 – Further powers and functions of Reserve Bank (preview)
- Section 36A – Certain provisions of the Act not to apply to certain banking companies (preview)
Part IIA — Control Over Management
- Section 36AA – Power of Reserve Bank to remove managerial and other persons from office (preview)
- Section 36AB – Power of Reserve Bank to appoint additional directors (preview)
- Section 36AC – Part IIA to override other laws (preview)
- Section 36ACA – Supersession of Board of Directors in certain cases (preview)
Part IIB — Prohibition Of Certain Activities In Relation To Banking Companies
Part IIC — Acquisition Of The Undertakings Of Banking Companies In Certain Cases
- Section 36AE – Power of Central Government to acquire undertakings of banking companies in certain cases (preview)
- Section 36AF – Power of the Central Government to make scheme (preview)
- Section 36AG – Compensation to be given to shareholders of the acquired bank (preview)
- Section 36AH – Constitution of the Tribunal (preview)
- Section 36AI – Tribunal to have powers of a civil court (preview)
- Section 36AJ – Procedure of the Tribunal (preview)
Part III — Suspension Of Business And Winding Up Of Banking Companies
- Section 36B – High Court defined (preview)
- Section 37 – Suspension of business (preview)
- Section 38 – Winding up by High Court (preview)
- Section 38A – Court liquidator (preview)
- Section 39 – Reserve Bank to be official liquidator (preview)
- Section 39A – Application of Companies Act to liquidators (preview)
- Section 40 – Stay of proceedings (preview)
- Section 41 – Preliminary report by official liquidator (preview)
- Section 41A – Notice to preferential claimants and secured and unsecured creditors (preview)
- Section 42 – Power to dispense with meetings of creditors, etc (preview)
- Section 43 – Booked depositors' credits to be deemed proved (preview)
- Section 43A – Preferential payments to depositors (preview)
- Section 44 – Powers of High Court in voluntary winding up (preview)
- Section 44A – Procedure for amalgamation of banking companies (preview)
- Section 44B – Restriction on compromise or arrangement between banking company and creditors (preview)
- Section 45 – Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation (preview)
Sections
- Section 45-I – Duty of directors and officers of banking company to assist in the realisation of property (preview)
- Section 45-O – Special period of limitation (preview)
Part IIIA — Special Provisions For Speedy Disposal Of Winding Up Proceedings
- Section 45A – Part IIIA to override other laws (preview)
- Section 45B – Power of High Court to decide all claims in respect of banking companies (preview)
- Section 45C – Transfer of pending proceedings (preview)
- Section 45D – Settlement of list of debtors (preview)
- Section 45E – Special provisions to make calls on contributories (preview)
- Section 45F – Documents of banking company to be evidence (preview)
- Section 45G – Public examination of directors and auditors (preview)
- Section 45H – Special provisions for assessing damages against delinquent directors, etc (preview)
- Section 45J – Special provisions for punishing offences in relation to banking companies being wound up (preview)
- Section 45K – Omitted (preview)
- Section 45L – Public examination of directors and auditors, etc., in respect of a banking company under schemes of arrangement (preview)
- Section 45M – Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act (preview)
- Section 45N – Appeals (preview)
- Section 45P – Reserve Bank to tender advice in winding up proceedings (preview)
- Section 45Q – Power to Inspect (preview)
- Section 45R – Power to call for returns and information (preview)
- Section 45S – Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up (preview)
- Section 45T – Enforcement of orders and decisions of High Court (preview)
- Section 45U – Power of High Court to make rules (preview)
- Section 45V – References to directors, etc., shall be construed as including references to past directors, etc (preview)
- Section 45W – Part II not to apply to banking companies being wound up (preview)
- Section 45X – Validation of certain proceedings (preview)
Part IIIB — Provisions Relating To Certain Operations Of Banking Companies
- Section 45Y – Power of Central Government to make rules for the preservation of records (preview)
- Section 45Z – Return of paid instruments to customers (preview)
- Section 45ZA – Nomination for payment of depositors' money (preview)
- Section 45ZB – Notice of claims of other persons regarding deposits not receivable (preview)
- Section 45ZC – Nomination for return of articles kept in safe custody with banking company (preview)
- Section 45ZD – Notice of claims of other persons regarding articles not receivable (preview)
- Section 45ZE – Release of contents of safety lockers (preview)
- Section 45ZF – Notice of claims of other persons regarding safety lockers not receivable (preview)
- Section 45ZG – Priority of successive nominations (preview)
Part IV — Miscellaneous
- Section 46 – Penalties (preview)
- Section 46A – Chairman, director, etc., to be public servants for the purposes of Chapter IX of the Indian Penal Code (preview)
- Section 47 – Cognizance of offences (preview)
- Section 47A – Power of Reserve Bank to impose penalty (preview)
- Section 48 – Application of fines (preview)
- Section 49 – Special provisions for private banking companies (preview)
- Section 49A – Restriction on acceptance of deposits withdrawable by cheque (preview)
- Section 49B – Change of name by a banking company (preview)
- Section 49C – Alteration of memorandum of a banking company (preview)
- Section 50 – Certain claims for compensation barred (preview)
- Section 51 – Application of certain provisions to the State Bank of India and other notified banks (preview)
- Section 51A – Powers of Reserve Bank not to apply to International Financial Services Centre (preview)
- Section 52 – Power of Central Government to make rules (preview)
- Section 53 – Power to exempt in certain cases (preview)
- Section 54 – Protection of action taken under Act (preview)
- Section 55 – Amendment of Act 2 of 1934 (preview)
- Section 55A – Power to remove difficulties (preview)