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