Indian Kanoon > Banking Regulation Act, 1949

Banking Regulation Act, 1949

[Act no. 10 of Year 1949, dated 10th. March, 1949] An Act to consolidate and amend the law relating to banking 1[***] WHEREAS it is expedient to consolidate and amend the law relating to banking 1[***]; It is hereby enacted as follows:

Section	Title
Section- 1	Section-1 Short title, extent and commencement Chapter 1
Section- 2	Section-2 Application of other laws not barred Chapter 1
Section- 3	Section-3 Act to apply to co-operative societies in certain cases Chapter 1
Section- 4	Section-4 Power to suspend operation of Act Chapter 1
Section- 5	Section-5 Interpretation Chapter 1
Section- 5A	Section-5A Act to override memorandum, articles, etc. Chapter 1
Section- 6	Section-6 Form and business in which banking companies may engage Chapter 1
Section- 7	Section-7 Use of words "bank", "banker", "banking" or "banking company" Chapter 1
Section- 8	Section-8 Prohibition of trading Chapter 1
Section- 9	Section-9 Disposal of non-banking assets Chapter 1
Section- 10	Section-10 Prohibition of employment of Managing Agents and restrictions on certain forms of employment Chapter 1
Section- 10A	Section-10A Board of Directors to include persons with professional or other experience Chapter 1
Section- 10B	Section-10B Banking company to be managed by whole-time Chairman Chapter 1
Section- 10BB	Section-10BB Power of Reserve Bank to appoint Chairman of a banking company Chapter 1
Section- 10C	Section-10C Chairman and certain Directors not to be required to hold qualification shares Chapter 1
Section- 10D	Section-10D Provisions of sections 10A and 10B to override all other laws, contracts, etc. Chapter 1
Section- 11	Section-11 Requirement as to minimum paid-up capital and reserves Chapter 1
Section- 12	Section-12 Regulation of paid-up capital, subscribed capital and authorized capital and voting rights of shareholders Chapter 1
Section- 12A	Section-12A Election of new Directors Chapter 1
Section- 13	Section-13 Restriction on commission, brokerage, discount, etc., on sale of shares Chapter 1
Section- 14	Section-14 Prohibition of charge on unpaid capital Chapter 1
Section- 14A	Section-14A Prohibition of floating charge on assets Chapter 1
Section- 15	Section-15 Restrictions as to payment of dividend Chapter 1
Section- 16	Section-16 Prohibition of common Directors Chapter 1
Section- 17	Section-17 Reserve Fund Chapter 1
Section- 18	Section-18 Cash reserve Chapter 1
Section- 19	Section-19 Restriction on nature of subsidiary companies Chapter 1
Section- 20	Section-20. Restrictions on loans and advances Chapter 1
Section- 20A	Section-20A Restrictions on power to remit debts Chapter 1
Section- 21	Section-21 Power of Reserve Bank to control advances by banking companies Chapter 1
Section- 21A	Section-21A Rate of interest charged by banking companies not to be subject to scrutiny by courts Chapter 1
Section- 22	Section-22 Licensing of banking companies Chapter 1
Section- 23	Section-23 Restrictions on opening of new, and transfer of existing, places of business Chapter 1
Section- 24	Section-24 Maintenance of a percentage of assets Chapter 1
Section- 25	Section-25 Assets in India Chapter 1
Section- 26	Section-26 Return of unclaimed deposits Chapter 1
Section- 27	Section-27 Monthly returns and power to call for other returns and information Chapter 1
Section- 28	Section-28 Power to publish information Chapter 1
Section- 29	Section-29 Accounts and balance-sheet Chapter 1
Section- 30	Section-30 Audit Chapter 1
Section- 31	Section-31 Submission of returns Chapter 1
Section- 32	Section-32 Copies of balance-sheets and accounts to be sent to Registrar Chapter 1
Section- 33	Section-33 Display of audited balance-sheet by companies incorporated outside India Chapter 1
Section- 34	Section-34 Accounting provisions of this Act not retrospective Chapter 1
Section- 34A	Section-34A Production of documents of confidential nature Chapter 1
Section- 35	Section-35 Inspection Chapter 1
Section- 35A	Section-35A Power of the Reserve Bank to give directions Chapter 1
Section- 35B	Section-35B Amendments of provisions relating to appointments of Managing Directors, etc., to be subject to previous approval of the Reserve Bank Chapter 1
Section- 36	Section-36 Further powers and functions of Reserve Bank Chapter 1
Section- 36A	Section-36A Certain provisions of the Act not to apply to certain banking companies Chapter 1
Section- 36AA	Section-36AA Power of Reserve Bank to remove managerial and other persons from office Chapter 1
Section- 36AB	Section-36AB Power of Reserve Bank to appoint additional Directors Chapter 1
Section- 36AC	Section-36AC Part IIA to override other laws Chapter 1
Section- 36AD	Section-36AD Punishments for certain activities in relation to banking companies Chapter 1
Section- 36AE	Section-36AE Power of Central Government to acquire undertakings of banking companies in certain cases Chapter 1
Section- 36AF	Section-36AF Power of the Central Government to make scheme Chapter 1
Section- 36AG	Section-36AG Compensation to be given to shareholders of the acquired bank Chapter 1
Section- 36AH	Section-36AH Constitution of the Tribunal Chapter 1
Section- 36AI	Section-36AI Tribunal to have powers of a civil court Chapter 1
Section- 36AJ	Section-36AJ Procedure of the Tribunal Chapter 1
Section- 36B	Section-36B High Court defined Chapter 1
Section- 37	Section-37 Suspension of business Chapter 1
Section- 38	Section-38 Winding up by High Court Chapter 1
Section- 38A	Section-38A Court liquidator Chapter 1
Section- 39	Section-39 Reserve Bank to be official liquidator Chapter 1
Section- 40	Section-40 Stay of proceedings Chapter 1
Section- 41	Section-41 Preliminary report by official liquidator Chapter 1
Section- 41A	Section-41A Notice to preferential claimants and secured and unsecured creditors Chapter 1
Section- 42	Section-42 Power to dispense with meetings of creditors, etc. Chapter 1
Section- 43	Section-43 Booked depositors' credits to be deemed proved Chapter 1
Section- 43A	Section-43A Preferential payments to depositors Chapter 1
Section- 44	Section-44 Power of High Court in voluntary winding up Chapter 1
Section- 44A	Section-44A Procedure for amalgamation of banking companies Chapter 1
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 Chapter 1
Section- 45A	Section-45A Part IIIA to override other laws Chapter 1
Section- 45B	Section-45B Power of High Court to decide all claims in respect of banking companies Chapter 1
Section- 45C	Section-45C Transfer of pending proceedings Chapter 1
Section- 45D	Section-45D Settlement of list of debtors Chapter 1
Section- 45E	Section-45E Special provisions to make calls on contributories Chapter 1
Section- 45F	Section-45F Documents of banking company to be evidence Chapter 1
Section- 45G	Section-45G Public examination of Directors and Auditors Chapter 1
Section- 45H	Section-45H Special provisions for assessing damages against delinquent Directors, etc. Chapter 1
Section- 45I	Section-45I Duty of Directors and Officers of banking company to assist in the realization of property Chapter 1
Section- 45J	Section-45J Special provisions for punishing offences in relation to banking companies being wound up Chapter 1
Section- 45K	Section-45K Power of High Court to enforce schemes of arrangements, etc. Chapter 1
Section- 45L	Section-45L Public examination of Directors and Auditors, etc., in respect of a banking company under schemes of arrangement Chapter 1
Section- 45M	Section-45M Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act Chapter 1
Section- 45N	Section-45N Appeals Chapter 1
Section- 45O	Section-45O Special period of limitation Chapter 1
Section- 45P	Section-45P Reserve Bank to tender advice in winding up proceedings Chapter 1
Section- 45Q	Section-45Q Power to inspect Chapter 1
Section- 45R	Section-45R Power to call for returns and information Chapter 1
Section- 45S	Section-45S Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up Chapter 1
Section- 45T	Section-45T Enforcement of orders and decisions of High Court Chapter 1
Section- 45U	Section-45U Power of High Court to make rules Chapter 1
Section- 45V	Section-45V References to Directors, etc., shall be construed as including references to past Directors, etc. Chapter 1
Section- 45W	Section-45W Part II not to apply to banking companies being wound up Chapter 1
Section- 45X	Section-45X Validation of certain proceedings Chapter 1
Section- 45Y	Section-45Y Power of Central Government to make rules for the preservation of records Chapter 1
Section- 45Z	Section-45Z Return of paid instruments to customers Chapter 1
Section- 45ZA	Section-45ZA Nomination for payment of depositors' money Chapter 1
Section- 45ZB	Section-45ZB Notice of claims of other persons regarding deposits not receivable Chapter 1
Section- 45ZC	Section-45ZC Nomination for return of articles kept in safe custody with banking company Chapter 1
Section- 45ZD	Section-45ZD Notice of claims of other persons regarding articles not receivable Chapter 1
Section- 45ZE	Section-45ZE Release of contents of safety lockers Chapter 1
Section- 45ZF	Section-45ZF Notice of claims of other persons regarding safety lockers not receivable Chapter 1
Section- 46	Section-46 Penalties Chapter 1
Section- 46A	Section-46A Chairman, Director, etc., to be public servants for the purposes of Chapter IX to the Indian Penal Code Chapter 1
Section- 47	Section-47 Cognizance of offences Chapter 1
Section- 47A	Section-47A Power to Reserve Bank to impose penalty Chapter 1
Section- 48	Section-48 Application of fines Chapter 1
Section- 49	Section-49 Special provisions for private banking companies Chapter 1
Section- 50	Section-50 Certain claims for compensation barred Chapter 1
Section- 51	Section-51 Application of certain provisions to the State Bank of India and other notified banks Chapter 1
Section- 52	Section-52 Power of Central Government to make rules Chapter 1
Section- 53	Section-53 Power to exempt in certain cases Chapter 1
Section- 54	Section-54 Protection of action taken under Act Chapter 1
Section- 55	Section-55 Amendment of Act 2 of 1934 Chapter 1
Section- 55A	Section-55A ower to remove difficulties Chapter 1
Section- 56	Section-56 Act to apply to Co-operative Societies subject to modifications Chapter 1
Section-	Schedule1: FORM A :- FORM OF BALANCE-SHEET Chapter 1
Section-	Schedule 1: FORM B :- FORM OF PROFIT AND LOSS ACCOUNT Chapter 1
Section-	SCHEDULE I : AMENDMENTS Chapter 1
Section-	Schedule II : [Repealed by the Repealing and the Amending Act, 1957 (36 of 1957) s. 2 and Sch. I.] Chapter 1
Section-	Schedule-III: FORM A :- Form of Balance Sheet Chapter 1
Section-	Schedule-III: FORM B :- Profit and loss account for the year ended on 31st March (year) Chapter 1
Section-	SCHEDULE IV : LIST OF DEBTORS Chapter 1
Section-	SCHEDULE V : PRINCIPLES OF COMPENSATION Chapter 1
Section- 39 A	Section - 39A. Application of Companies Act to liquidators Chapter 1
Section- 49 A	Section - 49A. Restriction on acceptance of deposits withdrawable by cheque Chapter 1
Section- 49 B	Section - 49B. Change of name by banking company Chapter 1
Section- 49 C	Section - 49C. Alteration of memorandum of a banking company Chapter 1

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