Full text containing the act, Banking Regulation Act, , with all the sections, schedules, short title, enactment date, and footnotes. provisions of Banking Regulation Act, (As Applicable to Co-operative .. In terms of Section 24 of the Banking Regulation Act , (AACS), every. Primary. Section 23 of Banking Regulation Act, (AACS) – Extending Value-Added Services through ATMs. Please refer to our circular
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Requirement as to minimum paid-up capital and reserves. Return of unclaimed deposits. Wacs of the Tribunal. Act to override memorandum, articles, etc. Restriction on commission, brokerage, discount, etc. Settlement of list of debtors. Nomination for payment of depositors’ money.
Banking Regulation Act, 1949
Prohibition of common Directors. Protection of action taken under Act. Provisions of sections 10A and 10B to override avt other laws, contracts, etc. Power of Reserve Bank to remove managerial and other persons from office.
The Act gives the Reserve Bank of India RBI the power to license banks, have regulation over shareholding and voting rights of shareholders; supervise the appointment of the boards and management; regulate the operations of banks; lay down instructions for audits; control moratoriummergers and liquidation ; issue directives in the interests of public good and on banking policy, and impose penalties.
Part IIIA to override other laws. Restrictions on power to remit debts. Public examination of Directors and Auditors. Licensing of banking companies. Board of Directors to include persons with professional or other experience. Nomination for return of articles kept in safe custody with banking company. Restriction on acceptance of deposits withdrawable by cheque. Rate of interest charged by banking companies not to be subject to scrutiny by courts. Power of the Central Government to make scheme.
Provided that nothing in this sub-section shall apply to— a the opening for a period not exceeding one month of temporary place of business within a city, town or village or the environs thereof within which the co-operative bank already has a place of business, for the purpose of affording banking facilities to the public on the occasion of an exhibition, a conference or a mela or any like occasion.
Power of High Court in voluntary winding up. Business Of Banking Companies.
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Reserve Bank to tender advice in winding up proceedings. Enforcement of orders and decisions of High Court. Provided also that the Reserve Bank may, in any particular case, extend the aforesaid period of seven years by such period as it may consider necessary where it is satisfied that such extension would be in the interests of the depositors of the co-operative bank.
From Wikipedia, the free encyclopedia. Preferential payments to depositors. Provided that the co-operative bank shall also send an advance copy of the application directly to the Reserve Bank.
Preliminary report by official liquidator. It is hereby enacted axt follows: Reserve Bank to be official liquidator.
Banking Regulation Act, – Wikipedia
Special provisions for private banking companies. Views Read Edit View history. Punishments for certain activities in relation to banking companies. Power of Reserve Bank to appoint Chairman of a banking company. Initially, the law was applicable only to banking companies.
Provided that this sub-clause shall not apply to the admission of a co-operative bank as a member by reason of such co-operative bank subscribing to the share capital of such co-operative society out of funds provided by the State Government for the purpose. Application of Companies Act to liquidators. Power of High Court to decide all claims in respect of banking companies. Restriction on nature of subsidiary companies.
Display of audited balance-sheet by companies incorporated outside India. Special period of limitation. Unlawful Activities Prevention Act.
Procedure for amalgamation aaxs banking companies. Form and business in which banking companies may engage. Application of certain provisions to the State Bank of India and other notified aft. India and International Law: Alteration of memorandum of a banking company. But, RBI controls the licensing and regulates the business operations.
Power of Central Government to make rules. Notice of claims of other persons regarding deposits not receivable.
Restrictions on loans and advances. Inthe Act was amended to include cooperative banks under its purview by adding the Section Return of paid instruments to customers.
Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act.