Banking Regulation Act, 1949
===Banking Regulation Act, 1949===
Contents
- 1 Section 1
- 2 Section 2
- 3 Section 3
- 4 Section 4
- 5 Section 5
- 6 Section 6
- 7 Section 7
- 8 Section 8
- 9 Section 9
- 10 Section 10
- 11 Section 11
- 12 Section 12
- 13 Section 13
- 14 Section 14
- 15 Section 15
- 16 Section 16
- 17 Section 17
- 18 Section 18
- 19 Section 19
- 20 Section 20
- 21 Section 21
- 22 Section 22
- 23 Section 23
- 24 Section 24
- 25 Section 25
- 26 Section 26
- 27 Section 27
- 28 Section 28
- 29 Section 29
- 30 Section 30
- 31 Section 31
- 32 Section 32
- 33 Section 33
- 34 Section 34
- 35 Section 35
- 36 Section 36
- 37 Section 37
- 38 Section 38
- 39 Section 39
- 40 Section 40
- 41 Section 41
- 42 Section 42
- 43 Section 43
- 44 Section 44
- 45 Section 45
- 46 Section 46
- 47 Section 47
- 48 Section 48
- 49 Section 49
- 50 Section 50
- 51 Section 51
- 52 Section 52
- 53 Section 53
- 54 Section 54
- 55 Section 55
- 56 Section 56
Section 1
Section 1 - Short title, extent and commencement.
Section 2
Section 2 - Application of other laws not barred.
Section 3
Section 3 - Act to apply to co-operative societies in certain cases
Section 4
Section 4 - Power to suspend operation of Act.
Section 5
Section-5 - Interpretation Section-5(A) - Act to override memorandum, articles, etc
Section 6
Section 6 - Form and business in which banking companies may engage
Section 7
Section 7 - Use of words “bank”, “banker”, “banking” or “banking company”
Section 8
Section 8 - Prohibition of trading
Section 9
Section 9- Disposal of non-banking assets
Section 10
Section 10 - Prohibition of employment of Managing agents and restrictions on certain forms of employment. Section 10A - Board of Directors to include persons with professional or other experience Section 10B - Banking company to be managed by whole time Chairman 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 Section 10C - Chairman and certain Directors not to be required to hold qualification shares Section 10D - Provisions of sections 10A and 10B to override all other laws, contracts, etc
Section 11
Section 11 - Requirement as to minimum paid-up capital and reserves.
Section 12
Section 12 - Regulation of paid-up capital, subscribed capital and authorised capital and voting rights of shareholders Section 12A - Election of new Directors Section 12B – Regulation of acquisition of shares or voting rights
Section 13
Section 13 - Restriction on commission, brokerage, discount, etc. on sale of shares
Section 14
Section 14 - Prohibition of charge on unpaid capital. Section 14A - Prohibition of floating charge on assets.
Section 15
Section 15 - Restrictions as to payment of dividend
Section 16
Section 16 - Prohibition of common Directors
Section 17
Section 17 - Reserve Fund
Section 18
Section 18 - Cash reserve
Section 19
Section 19 - Restriction on nature of subsidiary companies
Section 20
Section 20 - Restrictions on loans and advances Section 20A - Restrictions on power to remit debts
Section 21
Section 21 - Power of Reserve Bank to control advances by banking companies Section 21A - Rates of interest charged by banking companies not to be subject to scrutiny by courts.
Section 22
Section 22 - Licensing of banking companies
Section 23
Section 23 - Restrictions on opening of new, and transfer of existing, places of business
Section 24
Section 24 - Maintenance of a percentage of assets
Section 25
Section 25 - Assets in India
Section 26
Section 26 - Return of unclaimed deposits Section 26A - Establishment of Depositor Education and Awareness Fund
Section 27
Section 27 - Monthly returns and power to call for other returns and information
Section 28
Section 28 - Power to publish information
Section 29
Section 29 - Accounts and balance-sheet Section 29A - Power in respect of associate enterprises
Section 30
Section 30 - Audit.
Section 31
Section 31 - Submission of returns
Section 32
Section 32 - Copies of balance-sheets and accounts to be sent to registrar
Section 33
Section 33 - Display of audited balance-sheet by companies incorporated outside India
Section 34
Section 34 - Accounting provisions of this Act not retrospective Section 34A - Production of documents of confidential nature
Section 35
Section 35 - Inspection Section 35A - Power of the Reserve Bank to give directions Section 35 AA – Power of Central Government to authorize Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process Section 35AB- Power of Reserve Bank to issue directions in respect of stressed assets Section 35B - Amendments of provisions relating to appointments of Managing Directors, etc., to be subject to previous approval of the Reserve Bank
Section 36
Section 36 - Further powers and functions of Reserve Bank Section 36A - Certain provisions of the Act not to apply to certain banking companies Section 36AA - Power of Reserve Bank to remove managerial and other persons from office Section 36AB - Power of Reserve Bank to appoint additional Directors Section 36AC - Part IIA to override other laws Section 36ACA - Supersession of Board of Directors in certain cases Section 36AD - Punishments for certain activities in relation to banking companies Section 36AE - Power of Central Government to acquire undertakings of banking companies in certain cases Section 36AF - Power of the Central Government to make scheme Section 36AG - Compensation to be given to shareholders of the acquired bank Section 36AH - Constitution of the Tribunal Section 36AI - Tribunal to have powers of a civil court Section 36AJ - Procedure of the Tribunal Section 36B - High Court defined
Section 37
Section 37 - Suspension of business
Section 38
Section 38 - Winding up by High Court Section 38A - Court liquidator
Section 39
Section 39 - Reserve Bank to be official liquidator Section 39A - Application of Companies Act to liquidators
Section 40
Section 40 - Stay of proceedings
Section 41
Section 41- Preliminary report by official liquidator Section 41A - Notice to preferential claimants and secured and unsecured creditors
Section 42
Section 42 - Power to dispense with meetings of creditors, etc
Section 43
Section 43 - Booked depositors' credits to be deemed proved Section 43A - Preferential payments to depositors
Section 44
Section 44 - Powers of High Court in voluntary winding up Section 44A - Procedure for amalgamation of banking companies Section 44B - Restriction on compromise or arrangement between banking company and creditors
Section 45
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. Section 45A - Part III A to override other laws Section 45B - Power of High Court to decide all claims in respect of banking companies Section 45C - Transfer of pending proceedings Section 45D - Settlement of list of debtors Section 45E - Special provisions to make calls on contributories Section 45F - Documents of banking company to be evidence Section 45G - Public examination of Directors and auditors Section 45H - Special provisions for assessing damages against delinquent Directors, etc Section 45I - Duty of Directors and officers of banking company to assist in the realisation of property Section 45J - Special provisions for punishing offences in relation to banking companies being wound up Section 45K – [Repealed] Section 45L - Public examination of Directors and auditors, etc., in respect of a banking company under schemes of arrangement Section 45M - Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act Section 45N - Appeals Section 45O - Special period of limitation Section 45P - Reserve Bank to tender advice in winding up proceedings Section 45Q - Power to Inspect Section 45R - Power to call for returns and information Section 45S - Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up Section 45T - Enforcement of orders and decisions of High Court Section 45U - Power of High Court to make rules Section 45V - References to Directors, etc., shall be construed as including references to past Directors, etc Section 45W - Part II not to apply to banking companies being wound up Section 45X - Validation of certain proceedings Section 45Y - Power of Central Government to make rules for the preservation of records Section 45Z - Return of paid instruments to customers Section 45ZA - Nomination for payment of depositors' money Section 45ZB - Notice of claims of other persons regarding deposits not receivable Section 45ZC - Nomination for return of articles kept in safe custody with banking company Section 45ZD - Notice of claims of other persons regarding articles not receivable Section 45ZE - Release of contents of safety lockers Section 45ZF - Notice of claims of other persons regarding safety lockers not receivable
Section 46
Section 46 - Penalties Section 46A - Chairman, Director, etc., to be public servants for the purposes of Chapter IX of the Indian Penal Code
Section 47
Section 47 - Cognizance of offences Section 47A - Power of Reserve Bank to impose penalty
Section 48
Section 48 - Application of fines
Section 49
Section 49 - Special provisions for private banking companies Section 49A - Restriction on acceptance of deposits withdrawable by cheque Section 49B - Change of name by a banking company Section 49C - Alteration of memorandum of a banking company
Section 50
Section 50 - Certain claims for compensation barred
Section 51
Section 51 - Application of certain provisions to the State Bank of India and other notified banks
Section 52
Section 52 - Power of Central Government to make rules
Section 53
Section 53 - Power to exempt in certain cases
Section 54
Section 54 - Protection of action taken under the Act
Section 55
Section 55 - Amendment of Act 2 of 1934 Section 55A - Power to remove difficulties
Section 56
Section 56 - Act to apply to co-operative societies subject to modifications
RBI Documents.[1]