The Banking Regulation Act, 1949
Central · 1949
- S. 1Short title, extent and commencement.
- S. 2Application of other laws not barred.
- S. 3Act not to apply to certain co-operative societies.
- S. 4Power to suspend operation of Act.
- S. 5Interpretation.
- S. 5AAct to override memorandum, articles, etc.
- S. 6Form of business in which banking companies may engage.
- S. 7Use of words "bank", "banker", "banking" or "banking company".
- S. 8Prohibition of trading.
- S. 9Disposal of non-banking assets.
- S. 10Prohibition of employment of managing agents and restrictions on certain forms of employment.
- S. 10ABoard of directors to include persons with professional or other experience.
- S. 10BBanking company to be managed by whole time chairman.
- S. 10BBPower of Reserve Bank to appoint chairman of the Board of directors appointed on a whole-time basis or a managing director of a banking company.
- S. 10CChairman and certain directors not to be required to hold qualification shares.
- S. 10DProvisions of sections 10A and 10B to override all other laws, contracts, etc.
- S. 11Requirement as to minimum paid-up capital and reserves.
- S. 12Regulation of paid-up capital, subscribed capital and authorised capital and voting rights of shareholders.
- S. 12AElection of new directors.
- S. 12BRegulation of acquisition of shares or voting rights.
- S. 13Restriction on commission, brokerage, discount, etc., on sale of shares.
- S. 14Prohibition of charge on unpaid capital.
- S. 14AProhibition of floating charge on assets.
- S. 15Restrictions as to payment of dividend.
- S. 16Prohibition of common directors.
- S. 17Reserve Fund.
- S. 18Cash reserve.
- S. 19Restriction on nature of subsidiary companies.
- S. 20Restrictions on loans and advances.
- S. 20ARestrictions on power to remit debts.
- S. 21Power of Reserve Bank to control advances by banking companies.
- S. 21ARates of interest charged by banking companies not to be subject to scrutiny by courts.
- S. 22Licensing of banking companies.
- S. 23Restrictions on opening of new, and transfer of existing, places of business.
- S. 24Maintenance of a percentage of assets.
- S. 25Assets in India.
- S. 26Return of unclaimed deposits.
- S. 26AEstablishment of Depositor Education and Awareness Fund.
- S. 27Monthly returns and power to call for other returns and information.
- S. 28Power to publish information.
- S. 29Accounts and balance-sheet.
- S. 29APower in respect of associate enterprises.
- S. 30Audit.
- S. 31Submission of returns.
- S. 32Copies of balance-sheets and accounts to be sent to registrar.
- S. 33Display of audited balance-sheet by companies incorporated outside India.
- S. 34Accounting provision of this Act not retrospective.
- S. 34AProduction of documents of confidential nature.
- S. 35Inspection.
- S. 35APower of the Reserve Bank to give directions.
- S. 35AAPower of the Central Government to authorize Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process.
- S. 35ABPower of Reserve Bank to issue directions in respect of stressed assets.
- S. 35BAmendments of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Reserve Bank.
- S. 36Further powers and functions of Reserve Bank.
- S. 36ACertain provisions of the Act not to apply to certain banking companies.
- S. 36AAPower of Reserve Bank to remove managerial and other persons from office.
- S. 36ABPower of Reserve Bank to appoint additional directors.
- S. 36ACPart IIA to override other laws.
- S. 36ACASupersession of Board of Directors in certain cases.
- S. 36ADPunishments for certain activities in relation to banking companies.
- S. 36AEPower of Central Government to acquire undertakings of banking companies in certain cases.
- S. 36AFPower of the Central Government to make scheme.
- S. 36AGCompensation to be given to shareholders of the acquired bank.
- S. 36AHConstitution of the Tribunal.
- S. 36AITribunal to have powers of a civil court.
- S. 36AJProcedure of the Tribunal.
- S. 36BHigh Court defined.
- S. 37Suspension of business.
- S. 38Winding up by High Court.
- S. 38ACourt liquidator.
- S. 39Reserve Bank to be official liquidator.
- S. 39AApplication of Companies Act to liquidators.
- S. 40Stay of proceedings.
- S. 41Preliminary report by official liquidator.
- S. 41ANotice to preferential claimants and secured and unsecured creditors.
- S. 42Power to dispense with meetings of creditors, etc.
- S. 43Booked depositors' credits to be deemed proved.
- S. 43APreferential payments to depositors.
- S. 44Powers of High Court in voluntary winding up.
- S. 44AProcedure for amalgamation of banking companies.
- S. 44BRestriction on compromise or arrangement between banking company and creditors.
- S. 45Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation.
- S. 45APart IIIA to override other laws.
- S. 45BPower of High Court to decide all claims in respect of banking companies.
- S. 45CTransfer of pending proceedings.
- S. 45DSettlement of list of debtors.
- S. 45ESpecial provisions to make calls on contributories.
- S. 45FDocuments of banking company to be evidence.
- S. 45GPublic examination of directors and auditors.
- S. 45HSpecial provisions for assessing damages against delinquent directors, etc
Chapter 1[Part III-A
- S. 45JSpecial provisions for punishing offences in relation to banking companies being wound up.
- S. 45KOmitted.
- S. 45LPublic examination of directors and auditors, etc., in respect of a banking company under schemes of arrangement
- S. 45MSpecial provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act.
- S. 45NAppeals.
Chapter 1[Part III-A
- S. 45PReserve Bank to tender advice in winding up proceedings
- S. 45QPower to Inspect
- S. 45RPower to call for returns and information
- S. 45SChief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up.
- S. 45TEnforcement of orders and decisions of High Court.
- S. 45UPower of High Court to make rules.
- S. 45VReferences to directors, etc., shall be construed as including references to past directors, etc.
- S. 45WPart II not to apply to banking companies being wound up
- S. 45XValidation of certain proceedings.
- S. 45YPower of Central Government to make rules for the preservation of records.
- S. 45ZReturn of paid instruments to customers.
- S. 45ZANomination for payment of depositors' money.
- S. 45ZBNotice of claims of other persons regarding deposits not receivable.
- S. 45ZCNomination for return of articles kept in safe custody with banking company.
- S. 45ZDNotice of claims of other persons regarding articles not receivable.
- S. 45ZERelease of contents of safety lockers.
- S. 45ZFNotice of claims of other persons regarding safety lockers not receivable.
- S. 45ZGPriority of successive nominations.
- S. 46Penalties
- S. 46AChairman, director, etc., to be public servants for the purposes of Chapter IX of the Indian Penal Code.
- S. 47Cognizance of offences.
- S. 47APower of Reserve Bank to impose penalty
- S. 48Application of fines.
- S. 49Special provisions for private banking companies.
- S. 49ARestriction on acceptance of deposits withdrawable by cheque.
- S. 49BChange of name by a banking company.
- S. 49CAlteration of memorandum of a banking company.
- S. 50Certain claims for compensation barred
- S. 51Application of certain provisions to the State Bank of India and other notified banks.
- S. 51APowers of Reserve Bank not to apply to International Financial Services Centre.
- S. 52Power of Central Government to make rules.
- S. 53Power to exempt in certain cases.
- S. 54Protection of action taken under Act.
- S. 55Amendment of Act 2 of 1934.
- S. 55APower to remove difficulties
- S. 56Act to apply to co-operative societies subject to modifications.