Reserve Bank of India Act, 1934

Bare Act · 1934

An Act to constitute a Reserve Bank of India.

Act number: 2 of 1934
Enacted: 6 March 1934
Contents: 140 sections · 12 chapters

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Contents

Chapter I — Preliminary

Chapter II — Incorporation, Capital, Management And Business

Section 3 – Establishment and incorporation of Reserve Bank
Section 4 – Capital of the Bank
Section 5 – [Omitted.]
Section 6 – Offices, branches and agencies (preview)
Section 7 – Management (preview)
Section 8 – Composition of the Central Board, and term of office of Directors (preview)
Section 9 – Local Boards, their constitution and functions (preview)
Section 10 – Disqualifications of Directors and members of Local Boards (preview)
Section 11 – Removal from and vacation of office (preview)
Section 12 – Casual vacancies and absences (preview)
Section 13 – Meetings of the Central Board (preview)
Section 14 – [Omitted.] (preview)
Section 15 – [Omitted.] (preview)
Section 16 – [Omitted.] (preview)
Section 17 – Business which the Bank may transact (preview)
Section 18 – Power of direct discount (preview)
Section 18A – Validity of loan or advance not to be questioned (preview)
Section 19 – Business which the Bank may not transact (preview)

Chapter III — Central Banking Functions

Section 20 – Obligation of the Bank to transact Government business (preview)
Section 20A – [Omitted.] (preview)
Section 21 – Bank to have the right to transact Government business in India (preview)
Section 21A – Bank to transact Government business of States on agreement (preview)
Section 21B – Effect of agreements made between the Bank and certain States before the 1st November, 1956 (preview)
Section 22 – Right to issue bank notes (preview)
Section 22A – Non-applicability of certain provisions to digital form of bank notes (preview)
Section 23 – Issue Department (preview)
Section 24 – Denominations of notes (preview)
Section 25 – Form of bank notes (preview)
Section 26 – Legal tender character of notes (preview)
Section 26A – Certain bank notes to cease to be legal tender (preview)
Section 27 – Re-issue notes (preview)
Section 28 – Recovery of notes lost, stolen, mutilated or imperfect (preview)
Section 28A – Issue of special bank notes and special one rupee notes in certain cases (preview)
Section 29 – Bank exempt from stamp duty on bank notes (preview)
Section 30 – Powers of Central Government to supersede Central Board (preview)
Section 31 – Issue of demand bills and notes (preview)
Section 32 – [Omitted.] (preview)
Section 33 – Assets of the Issue Department (preview)
Section 34 – Liabilities of Issue Department (preview)
Section 35 – [Omitted.] (preview)
Section 36 – [Omitted.] (preview)
Section 37 – Suspension of assets requirements as to foreign securities (preview)
Section 38 – Obligations of Government and the Bank in respect of rupee coin (preview)
Section 39 – Obligation to supply different forms of currency (preview)
Section 40 – Transactions in foreign exchange (preview)
Section 41A – [Omitted.] (preview)
Section 42 – Cash reserves of scheduled banks to be kept with the Bank (preview)
Section 43 – Publication of consolidated statement by the Bank (preview)
Section 43A – Protection of action taken in good faith (preview)
Section 44 – [Omitted.] (preview)
Section 45 – Appointment of agents (preview)

Sections

Section 45-I – Definitions (preview)
Section 45-IA – Requirement of registration and net owned fund (preview)
Section 45-IB – Maintenance of percentage of assets (preview)
Section 45-IC – Reserve fund (preview)
Section 45-ID – Power of Bank to remove directors from office (preview)
Section 45-IE – Supersession of Board of directors of non-banking financial company (Other than Government Company) (preview)
Section 45-O – Omitted (preview)
Section 45Z-I – Meetings of Monetary Policy Committee (preview)

Chapter IIIA — Collection And Furnishing Of Credit Information

Section 45A – Definitions (preview)
Section 45B – Power of Bank to collect credit information (preview)
Section 45C – Power to call for returns containing credit information (preview)
Section 45D – Procedure for furnishing credit information to banking companies (preview)
Section 45E – Disclosure of information prohibited (preview)
Section 45F – Certain claims for compensation barred (preview)
Section 45G – [Omitted.] (preview)

Chapter III — B

Chapter IIIC — Prohibition Of Acceptance Of Deposits By Unincorporated Bodies

Section 45R – Interpretation (preview)
Section 45S – Deposits not to be accepted in certain cases (preview)
Section 45T – Power to issue search warrants (preview)

Chapter IIID — Regulation Of Transactions In Derivatives, Money Market Instruments,

Section 45U – Definitions (preview)
Section 45V – Transactions in derivatives (preview)
Section 45W – Power to regulate transactions in derivatives, money market instruments, etc (preview)
Section 45X – Duty to comply with directions and furnish information (preview)

Chapter IIIE — Joint Mechanism

Section 45Y – Joint Mechanism (preview)

Chapter IIIF — Monetary Policy

Chapter IV — General Provisions

Section 46 – Contribution by Central Government to the Reserve Fund (preview)
Section 46A – Contribution to National Rural Credit (Long Term Operations) Fund and Nation al Rural Credit (Stabilisation) Fund (preview)
Section 46C – National Industrial Credit (Long Term Operations) Fund (preview)
Section 46D – National Housing Credit (Long Term Operations) Fund (preview)
Section 47 – Allocation of surplus profits (preview)
Section 48 – Exemption of Banks from income-tax and super-tax (preview)
Section 49 – Publication of Bank rate (preview)
Section 50 – Auditors (preview)
Section 51 – Appointment of special auditors by Government (preview)
Section 52 – Powers and duties of auditors (preview)
Section 53 – Returns (preview)
Section 54 – Rural Credit and Development (preview)
Section 54A – Delegation of powers (preview)
Section 54AA – Power of Bank to depute its employees to other institutions (preview)
Section 55 – [Omitted.] (preview)
Section 56 – [Omitted.] (preview)
Section 57 – Liquidation of the Bank (preview)
Section 57A – Powers of Bank not to apply to International Financial Services Centre (preview)
Section 58 – Power of the Central Board to make regulations (preview)
Section 58A – Protection of action taken in good faith (preview)

Chapter V — Penalties

Section 58B – Offences (preview)
Section 58C – Offences by companies (preview)
Section 58D – Application of section 58B barred (preview)
Section 58E – Cognizance of offences (preview)
Section 58F – Application of fine (preview)
Section 58G – Power of Bank to impose penalties (preview)
Section 59 – [Repealed.] (preview)
Section 60 – [Repealed.] (preview)
Section 61 – [Repealed.] (preview)