Full text containing the act, Banking Regulation Act, , with all the sections, schedules, short title, enactment date, and footnotes. provisions of Banking Regulation Act, (As Applicable to Co-operative .. In terms of Section 24 of the Banking Regulation Act , (AACS), every. Primary. Section 23 of Banking Regulation Act, (AACS) – Extending Value-Added Services through ATMs. Please refer to our circular

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Reserve Bank to be official bd. Return of paid instruments to customers. Application of other laws not barreds. This page was last edited on 20 Novemberat Special provisions to make calls on contributories. Documents of banking company to be evidence. Board of Directors to include persons with professional or other experience.

Retrieved from ” https: Reserve Bank to tender advice in winding up proceedings. Power of the Reserve Bank to give directions.

Inthe Act was amended to include cooperative banks under its purview by adding the Section Power to dispense with meetings of creditors, etc. Provided that nothing in clause b of sub-section 1 shall be deemed to prohibit—. Special provisions for punishing offences in relation to banking companies being wound up. Provided that nothing in clause b shall apply to the grant of unsecured loans or advances— a made by a co-operative bank—. Provided also that the Reserve Bank may, in any particular case, extend the aforesaid period of seven years by such period as it may consider necessary where it is satisfied that such extension would be in the interests of the 19499 of the co-operative bank.


Return of unclaimed deposits. Power of Reserve Bank to appoint Chairman of a banking company.

Power of High Court to enforce schemes of arrangements, etc. Special period of limitation. Prohibition of employment of Managing Agents and restrictions on certain forms of employment. Tribunal sacs have powers of a civil court. Act 18 of and Act 46 of to apply in relation to co-operative banks.

Cooperative banks, which operate only in one state, are formed and run by the state government.

Nomination for return of articles kept in safe custody with banking company. Validation of certain proceedings.

Banking Regulation Act, 1949

Certain claims for compensation barred. But, it was amended to make it applicable to cooperative banks and to introduce other changes. Short title, extent and commencement. Power to suspend operation of Act.

Banking Regulation Act, – Wikipedia

Duty of Directors and Officers of banking company to assist in the realization of property. Notice to preferential claimants and secured and unsecured creditors. Part IIA to override other laws.


By using this site, you agree to the Terms of Use and Privacy Policy. Winding up by High Court. Prohibition of charge on unpaid capital. Further powers and functions of Reserve Bank. Requirement as aaxs minimum paid-up capital and reserves. Regulation of paid-up capital, subscribed capital and authorized capital and voting rights of shareholders.

Settlement of list of debtors.

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