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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Special period of limitation. Prohibition of charge on unpaid capital. Power of Reserve Bank to control advances by banking companies. Settlement of list of debtors.

Banking Regulation Act, 1949

Compensation to be given to shareholders of the acquired bank. Form and business in which banking companies may engage. Power to exempt in certain cases. Change of name by banking company.

gr Provided that the co-operative bank shall also send an advance copy of the application directly to the Reserve Bank. Power to suspend operation of Act. The Act supplements the Companies Act, Documents of banking company to be evidence. Power of the Central Government to make scheme.

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Punishments for certain activities in relation to banking companies. Provided that nothing in clause b of sub-section 1 shall be deemed to prohibit—. March, ] Contents Sections Particulars Part I Preliminary 1 Short title, extent and commencement 2 Application of other laws not barreds 3 Act to apply to co-operative societies in certain cases 4 Power to suspend operation of Act 5 Interpretation 5A Act to override memorandum, articles, etc.

Power to call for returns and information. Retrieved 11 January From Wikipedia, ac free encyclopedia. Release of contents of safety lockers.

Restriction on nature of subsidiary companies. But, RBI controls the licensing and regulates the business operations.

Banking Regulation Act, – Wikipedia

Unlawful Activities Prevention Act. An Act to consolidate and amend the law relating to banking. But, it was amended to make it applicable to cooperative banks and to introduce other changes. Booked depositors’ credits to be deemed proved. References to Directors, etc.

Tribunal to have powers of a civil court. Nomination for return of articles kept in safe custody with banking company. Banking company to be managed by whole-time Chairman. Application of Companies Act to liquidators.

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 sacs where it adt satisfied that such extension would be in the interests of the depositors of the co-operative bank.


Prohibition of employment of Managing Agents and restrictions on certain forms of employment. Notice to preferential claimants and secured and unsecured creditors.

Restriction on acceptance of deposits withdrawable by cheque. Restrictions as to payment of dividend. Requirement as to minimum paid-up capital and reserves. Restrictions on loans and advances. Special provisions for assessing damages against delinquent Directors, etc. Further powers and functions of Reserve Bank. Power of High Court to make rules.

Views Read Edit View history. Banking Regulation Act, Power of High Court in voluntary winding up. Public examination of Directors and Auditors, etc. India and International Law: Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up.