Amendment status not verified — confirm the current text below against the official source.
Adapted by the Karnataka Adaptations of Laws Order 1973 w.e.f. 1.11.1973 (3) “interest” includes any amount, by whatsoever name called, in excess of the principal, paid or payable to a pawnbroker in consideration of or otherwise in respect of a loan; but does not include any sum lawfully charged in accordance with the provisions of this Act by a pawnbroker for or on account of charges; (4) “licence” means a licence granted under this Act; (5) “loan” means an advance at interest whether of money or in kind and includes any transaction which the Court finds in substance to amount to such an advance but does not include,- (i) a deposit of money or other property in a Government Post Office Savings Bank or Government Savings Bank or banking company or in a company or with a co- operative society; 1[(ii) an advance made by,— (a) a banking company as defined in the Banking Regulation Act, 1949 (Central Act 10 of 1949); or (b) the State Bank of India constituted under the State Bank of India Act, 1955 (Central Act 23 of 1955); or (c) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (Central Act 38 of 1959); or (d) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970); or (e) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (Central Act 40 of 1980); or (f) a regional rural bank constituted under the Regional Rural Banks Act, 1976 (Central Act 21 of 1976); or 7 (g) the National Bank for Agriculture and Rural Development established under the National Bank for Agriculture and Rural Development Act, 1981 (Central Act 61 of 1981); or (h) the Agricultural Finance Corporation Limited, a company incorporated under the Indian Companies Act 1956m (Central Act 11 of 1956) (i) a Co-operative society registered under the Karnataka Co-operative Societies Act, 1959 (Karnataka Act 11 of 1959;]1