SECTIONS
|
Reserve
Bank of India Act, 1934
As Amended upto date |
| |
|
| |
Preamble |
| |
|
| |
CHAPTER I: PRELIMINARY |
| 1. |
Short title, extent and commencement |
| 2. |
Definitions |
| |
|
| |
CHAPTER II: INCORPORATION, CAPITAL, MANAGEMENT
AND BUSINESS |
| 3. |
Establishment and incorporation of Reserve Bank |
| 4. |
Capital of the Bank |
| 5. |
Increase and reduction of share capital |
| 6. |
Offices, branches and agencies |
| 7. |
Management |
| 8. |
Composition of the Central Board, and term of office of Directors |
| 9. |
Local Boards, their constitution and functions |
| 10. |
Disqualifications of Directors and members of Local Boards |
| 11. |
Removal from and vacation of office |
| 12. |
Casual Vacancies and absences |
| 13. |
Meetings of the Central Board |
| 14. |
[Rep. by the Act 62 of 1948] |
| 15. |
[Rep. by the Act 62 of 1948] |
| 16. |
[Rep. by the Act 62 of 1948] |
| 17. |
Business which the Bank may transact |
| 18. |
Power of direct discount |
| 18-A. |
Validity of loan or advance not to be questioned |
| 19. |
Business which the Bank may not transact |
| |
|
| |
CHAPTER III - CENTRAL BANKING FUNCTIONS |
| 20. |
Obligation of the Bank to transact Government business |
| 21. |
Bank to have the right to transact Government business in India |
| 21-A. |
Bank to transact Government business of States on agreement |
| 21-B |
Effect of agreements made between the Bank and certain States before the 1st November, 1956 |
| 22. |
Right to issue bank notes |
| 23. |
Issue Department |
| 24. |
Denominations of notes |
| 25. |
Form of bank notes |
| 26. |
Legal tender character of notes |
| 26-A. |
Certain bank notes to cease to be legal tender |
| 27. |
Re-issue of notes |
| 28. |
Recovery of notes lost, stolen, mutilated or imperfect |
| 28-A. |
Issue of special bank notes and special one rupee notes in certain cases |
| 29. |
Bank exempt from stamp duty on bank notes |
| 30. |
Powers of Central Government to supersede Central Board |
| 31. |
Issue of demand bills and notes |
| 32. |
Penalty |
| 33. |
Assets of the Issue Department |
| 34. |
Liabilities of the Issue Department |
| 35. |
Initial assets and liabilities |
| 36. |
Method of dealing with fluctuations in rupee coin assets |
| 37. |
Suspension of assets requirements as to foreign securities |
| 38. |
Obligations of Government and the Bank in respect of rupee coin |
| 39. |
Obligation to supply different forms of currency |
| 40. |
Transactions in foreign exchange |
| 41. |
Obligation to buy sterling |
| 41-A. |
Obligation to provide remittance between India and Burma |
| 42. |
Cash reserves of scheduled banks to be kept with the Bank |
| 43. |
Publication of consolidated statement by the Bank |
| 43-A. |
Protection of action taken in good faith |
| 44. |
Power to require returns from co-operative banks |
| 45. |
Appointment of Agents |
| |
|
| |
CHAPTER IIIA - COLLECTION AND FURNISHING OF
CREDIT INFORMATION |
| 45-A. |
Definitions |
| 45-B. |
Power of Bank to collect credit information |
| 45-C. |
Power to call for returns containing credit information |
| 45-D. |
Procedure for furnishing credit information to banking companies |
| 45-E. |
Disclosure of information prohibited |
| 45-F. |
Certain claims for compensation barred |
| 45-G. |
Penalties |
| |
|
| |
CHAPTER IIIB - PROVISIONS RELATING TO NON-BANKING
INSTITUTIONS RECEIVING DEPOSITS AND FINANCIAL INSTITUTIONS |
| 45-H. |
Chapter IIIB not to apply in certain cases |
| 45-I. |
Definitions |
| 45-IA. |
Requirement of registration and net owned fund |
| 45-IB. |
Maintenance of percentage of assets |
| 45-IC. |
Reserve fund |
| 45-J. |
Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money |
| 45-JA. |
Power of Bank to determine policy and issue directions |
| 45-K. |
Power of Bank to collect information from non-banking institutions as to deposits and to give directions |
| 45-L. |
Power of Bank to call for information from financial institutions and to give directions |
| 45-M. |
Duty of non-banking institutions to furnish statements, etc., required by Bank |
| 45-MA. |
Powers and duties of auditors |
| 45-MB. |
Power of Bank to prohibit acceptance of deposit and alienation of assets |
| 45-MC. |
Power of Bank to file winding up petition |
| 45-N. |
Inspection |
| |
|
| |
CHAPTER IIIC - PROHIBITION OF ACCEPTANCE OF
DEPOSITS BY UNINCORPORATED BODIES |
| 45-R. |
Interpretation |
| 45-S. |
Deposits not to be accepted in certain cases |
| 45-T. |
Power to issue search warrants |
| |
|
| |
CHAPTER IIID - REGULATION OF TRANSACTIONS IN
DERIVATIVES, MONEY MARKET INSTRUMENTS, SECURITIES, ETC. |
| 45-U. |
Definitions |
| 45-V. |
Transactions in derivatives |
| 45-W. |
Power to regulate transactions in derivatives, money market instruments, etc |
| 45-X. |
Duty to comply with directions and furnish information |
| |
|
| |
CHAPTER IIIE : JOINT MECHANISM |
| 45-Y. |
Joint Mechanism |
| |
|
| |
CHAPTER IV - GENERAL PROVISIONS |
| 46. |
Contribution by Central Government to the Reserve Fund |
| 46-A. |
Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilisation) Fund |
| 46-B. |
Omitted |
| 46-C. |
National Industrial Credit (Long Term Operations) Fund |
| 46-D. |
National Housing Credit (Long Term Operations) Fund |
| 47. |
Allocation of surplus profits |
| 48. |
Exemption of Bank from income-tax and super-tax |
| 49. |
Publication of bank rate |
| 50. |
Auditors |
| 51. |
Appointment of special auditors by Government |
| 52. |
Powers and duties of auditors |
| 53. |
Returns |
| 54. |
Rural Credit and Development |
| 54-A. |
Delegation of powers |
| 54-AA. |
Power of Bank to depute its employees to other institutions |
| 55. |
Reports by the Bank. Power to require declaration as to ownership of registered shares |
| 56. |
Reports
by the Bank. Power to require declaration as to ownership
of registered shares |
| 57. |
Liquidation of the Bank |
| 58. |
Power of the Central Board to make regulations |
| 58-A. |
Protection of action taken in good faith |
| |
|
| |
CHAPTER V - PENALTIES |
| 58-B. |
Penalties |
| 58-C. |
Offences by companies |
| 58-D. |
Application of section 58B barred |
| 58-E. |
Cognizance of offences |
| 58-F. |
Application of fine |
| 58-G. |
Power of Bank to impose fine |
| 59. |
Repealed |
| 60. |
Repealed |
| 61. |
Repealed |
| |
|
| |
FIRST SCHEDULE |
| |
SECOND SCHEDULE |
| |
THIRD SCHEDULE |
| |
FOURTH SCHEDULE |
| |
FIFTH SCHEDULE |
