Indian Kanoon > Reserve Bank of India Act, 1934

Reserve Bank of India Act, 1934

An Act to constitute a Reserve Bank of India Whereas it is expedient to constitute a Reserve Bank for India to regulate the issue of Bank notes and the keeping of reserves with a view to securing monetary stability in India and generally to operate the currency any credit system of the country to its advantage; And whereas in the present disorganization of the monetary systems of the world it is not possible to determine what will be suitable as a permanent basis for the Indian monetary system; But whereas it is expedient to make temporary provision on the basis of the existing monetary system, and to leave the question of the monetary standard best suited to India to be considered when the international monetary position has become sufficiently clear and stable to make it possible to frame permanent measures; It is hereby enacted as follows:

Section	Title
Section- 1	Section-1 Short title, extent and commencement Chapter 1
Section- 2	Section-2 Definitions Chapter 1
Section- 3	Section-3 Establishment and incorporation of Reserve Bank Chapter 1
Section- 5	Section-5 [Repealed by Act No. 62 of 1948, w.e.f. 1st. January, 1949] Chapter 1
Section- 6	Section-6 Offices, branches and agencies Chapter 1
Section- 7	Section-7 Management Chapter 1
Section- 8	Section-8 Composition of the Central Board, and term of office of directors Chapter 1
Section- 9	Section-9 Local Boards, their constitution and functions Chapter 1
Section- 10	Section-10 Disqualifications of directors and members of Local Boards Chapter 1
Section- 11	Section-11 Removal from and vacation of office Chapter 1
Section- 12	Section-12 Casual vacancies and absences Chapter 1
Section- 13	Section-13 Meetings of the Central Board Chapter 1
Section- 14	Section-14 General meetings [Repealed] Chapter 1
Section- 17	Section-17 Business which the Bank may transact Chapter 1
Section- 18	Section-18 Power of direct discount Chapter 1
Section- 18A	Section-18A Validity of loan or advance not to be questioned Chapter 1
Section- 19	Section-19 Business which the bank may not transact Chapter 1
Section- 20	Section-20 Obligation of the Bank to transact government business Chapter 1
Section- 21	Section-21 Bank to have the right to transact government business in India Chapter 1
Section- 21A	Section-21A Bank to transact government business of States on agreement Chapter 1
Section- 21B	Section-21B Effect of agreements made between the Bank and certain States before the 1st November, 1956 Chapter 1
Section- 22	Section-22 Right to issue bank notes Chapter 1
Section- 23	Section-23 Issue department Chapter 1
Section- 24	Section-24 Denominations of notes Chapter 1
Section- 25	Section-25 Form of bank notes Chapter 1
Section- 26	Section-26 Legal tender character of notes Chapter 1
Section- 26A	Section-26A Certain bank notes to cease to be legal tender Chapter 1
Section- 27	Section-27 Re-issue of notes Chapter 1
Section- 28	Section-28 Recovery of notes lost, stolen, mutilated or imperfect Chapter 1
Section- 28A	Section-28A Issue of special bank notes and special one rupee notes in certain cases Chapter 1
Section- 29	Section-29 Bank exempt from stamp duty on bank notes Chapter 1
Section- 30	Section-30 Powers of Central Government to supersede Central Board Chapter 1
Section- 31	Section-31 Issue of demand bills and notes Chapter 1
Section- 32	Section-32 [Repealed by the Reserve Bank of India (Amendment) Act, 1974] Chapter 1
Section- 33	Section-33 Assets of the issue department Chapter 1
Section- 34	Section-34 Liabilities of the issue department Chapter 1
Section- 35	Section-35 [Repealed by Act No. 62 of 1948, w.e.f. 1st. January, 1949] Chapter 1
Section- 36	Section-36 [Repealed by Act No. 55 of 1963, w.e.f. 1st. February, 1964] Chapter 1
Section- 37	Section-37 Suspension of assets requirements as to foreign securities Chapter 1
Section- 38	Section-38 Obligations of government and the Bank in respect of rupee coin Chapter 1
Section- 39	Section-39 Obligation to supply different forms of currency Chapter 1
Section- 40	Section-40 Transactions in foreign exchange Chapter 1
Section- 41A	Section-41A Obligation to provide remittance between India and Burma Chapter 1
Section- 42	Section-42 Cash reserves of scheduled banks to be kept with the Bank Chapter 1
Section- 43	Section-43 Publication of consolidated statement by the bank Chapter 1
Section- 43A	Section-43A Protection of action taken in good faith Chapter 1
Section- 44	Section-44 Power to require returns from co-operative banks :[repealed by the Banking Laws (Application to Co-operative Societies) Act, 1965, w.e.f. 1st. March 1966] Chapter 1
Section- 45	Section-45 Appointment of agents Chapter 1
Section- 45A	Section-45A Definitions Chapter 1
Section- 45B	Section-45B Power of bank to collect credit information Chapter 1
Section- 45C	Section-45C Power to call for returns containing credit information Chapter 1
Section- 45D	Section-45D Procedure for furnishing credit information to banking companies Chapter 1
Section- 45E	Section-45E Disclosure of information prohibited Chapter 1
Section- 45F	Section-45F Certain claims for compensation barred Chapter 1
Section- 45G	Section-45G Penalties: [repealed by the Reserve Bank of India (Amendment) Act, 1974] Chapter 1
Section- 45H	Section-45H Chapter III-B not to apply in certain cases Chapter 1
Section- 45I	Section-45I Definitions Chapter 1
Section- 45IA	Section-45IA Requirement of registration and net owned fund Chapter 1
Section- 45IB	Section-45IB Maintenance of percentage of assets Chapter 1
Section- 45IC	Section-45IC Reserve fund Chapter 1
Section- 45J	Section-45J Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money Chapter 1
Section- 45JA	Section-45JA Power of bank to determine policy and issue directions Chapter 1
Section- 45K	Section-45K Power of bank to collect information from non-banking institutions as to deposits and to give directions Chapter 1
Section- 45L	Section-45L Power of bank to call for information from financial institutions and to give directions Chapter 1
Section- 45M	Section-45M Duty of non-banking institutions to furnish statements, etc., required by bank Chapter 1
Section- 45N	Section-45N Inspection Chapter 1
Section- 45NA	Section-45NA Deposits not to be solicited by unauthorized persons Chapter 1
Section- 45NB	Section-45NB Disclosure of information Chapter 1
Section- 45NC	Section-45NC Power of bank to exempt Chapter 1
Section- 45O	Section-45O Penalties: [repealed by the Reserve Bank of India (Amendment) Act, 1974] Chapter 1
Section- 45P	Section-45P Cognizance of offences: [repealed by the Reserve Bank of India (Amendment) Act, 1974] Chapter 1
Section- 45Q	Section-45Q Chapter III B to override other laws Chapter 1
Section- 45QA	Section-45QA Power of Company Law Board to order repayment of deposit Chapter 1
Section- 45QB	Section-45QB Nomination by depositors Chapter 1
Section- 45R	Section-45R Interpretation Chapter 1
Section- 45S	Section-45S Deposits not to be accepted in certain cases Chapter 1
Section- 45T	Section-45T Power to issue search warrants Chapter 1
Section- 46	Section-46 Contribution by Central Government to the reserve fund Chapter 1
Section- 46A	Section-46A Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilization) Fund Chapter 1
Section- 46B	Section-46B [Repealed] Chapter 1
Section- 46C	Section-46C National Industrial Credit (Long Term Operations) Fund Chapter 1
Section- 46D	Section-46D National Housing Credit (Long Term Operations) Fund Chapter 1
Section- 47	Section-47 Allocation of surplus profits Chapter 1
Section- 48	Section-48 Exemption of bank from income-tax and super-tax Chapter 1
Section- 49	Section-49 Publication of bank rate Chapter 1
Section- 50	Section-50 Auditors Chapter 1
Section- 51	Section-51 Appointment of special auditors by government Chapter 1
Section- 52	Section-52 Powers and duties of auditors Chapter 1
Section- 53	Section-53 Returns Chapter 1
Section- 54	Section-54 Rural credit and development Chapter 1
Section- 54A	Section-54A Delegation of powers Chapter 1
Section- 54AA	Section-54AA Power of bank to depute its employees to other institutions Chapter 1
Section- 55	Section-55 Reports by the bank Chapter 1
Section- 56	Section-56 Power to require declaration as to ownership of registered shares Chapter 1
Section- 57	Section-57 Liquidation of the Bank Chapter 1
Section- 58	Section-58 Power of the Central Board to make regulations Chapter 1
Section- 59-61	Section-59-61 [Repealed by Act No. 20 of 1937] Chapter 1
Section- 45MA	Section-45MA Powers and duties of auditors Chapter 1
Section- 45MB	Section-45MB Power of bank to prohibit acceptance of deposit and alienation of assets Chapter 1
Section- 45MC	Section-45MC Power of bank to file winding up petition Chapter 1
Section- 58A	Section-58A Protection of action taken in good faith Chapter 1
Section- 58B	Section-58B Penalties Chapter 1
Section- 58C	Section-58C Offences by companies Chapter 1
Section- 58D	Section-58D Application of section 58B barred Chapter 1
Section- 58E	Section-58E Cognizance of offences Chapter 1
Section- 58F	Section-58F Application of fine Chapter 1
Section- 58G	Section-58G Power of bank to impose fine Chapter 1
Section-	SCHEDULE I Chapter 1
Section-	SCHEDULE II: SCHEDULED BANKS Chapter 1
Section-	Schedule III [Repealed by Act No. 23 of 1955, w.e.f. 1/7/1955] Chapter 1
Section-	Schedule IV [Repealed by Act No. 62 of 1948, w.e.f. 1/1/1949] Chapter 1
Section-	Schedule V [Repealed by the M.O. 1937] Chapter 1
Section- 15	Section-15 First constitution of the Central Board [Repealed] Chapter 1
Section- 16	Section-16 First constitution of Local Boards [Repealed] Chapter 1

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