Banking regulation act 1949 bare pdf

Passed as the banking companies act 1949, it came into force. Ca final banking regulation act 1949 hand written notes in pdf format. Taxmanns banking regulation act 1949 incorporated banking ombudsman scheme, cooperative banks rules, period of preservation of records, acquisition and transfer of undertakings act and banking regulation rules. Ca final banking regulation act 1949 hand written notes in pdf. Download banking regulation act 1949 file in pdf format. Posted on october, 2019 october, 2019 author legalindians comment0 an act to consolidate and amend the law relating to banking 1. Banking regulation companies rules, 1949 bare acts. Power of reserve bank to appoint additional directors. Power of reserve bank to control advances by banking companies 1 where the reserve bank is satisfied that it is necessary or expedient in the public interest 86or in the interests of depositors 12or banking policy so to do, it may determine the policy in relation to advances to be followed by banking companies generally or by any banking. Whereas it is expedient to consolidate and amend the law relating to banking 2. An act to consolidate and amend the law relating to banking 2. Bare act banking regulation act, 1949 law book shop. Licensing of banking companies 1 save as hereinafter provided, no company shall carry on banking business in india unless it holds a license issued in that behalf by the reserve bank and any such license may be issued subject to such conditions as the reserve bank may think fit to impose.

Bare act the banking regulation act, 1949 slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. If you are a legal professional, contact us, in order to see how our unique solution can benefit your. The banking regulation act 1949 extends to the entire nation. Banking companies period of preservation of records. In this file you may find very simple hand written notes for banking regulation act 1949. Summary of important sections of banking regulation act. The banking regulation act, 1949 reserve bank of india. Short title, extent and commencement 1 this act may be called the banking 2 regulation act, 1949. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. In this act, unless there is anything repugnant in the subject or context, a approved securities means i securities in which a trustee may invest money under clause a, clause b, clause bb, clause c or clause d of section 20 of the indian trust act, 1882 2 of 1882. Which lateron got enacted as the banking regulation act, 1949 as printed and published in bare act form with short notes by universal law publishing co.

Banking regulation act, 1949 schedule iii bare act. Banking regulation act 1949 part i preliminary india. The banking and regulations act was enacted to safeguard the interest of the depositors and to control the abuse of powers by controlling the banks by any means necessary and to the interest of indian economy in general. Banking regulation act 1949 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, banking regulation act 1949 national security, others, procedural and administration, property. Liability in chit frail transaction whether saved by the provisions of sec. Rbi to supersede the board under section 36aca of the br act 1949 recommend supersession of the board as applicable. Power of reserve bank to remove managerial and other persons from office. Act to apply to cooperative societies subject to modifications. Page division one banking regulation act, 1949 arrangement of sections 1.

Amendment act 52 of 1953statement of objects and reasons. Comments as provided in part v of the banking regulation act, 1949 this act is applicable to the cooperative societies. Therefore, the purpose of the 1949 act and the 1993 act is the same, namely regulation and control of the banking business and therefore, assuming that it is only by virtue of fiction created by section 56 of 1949 act, that a cooperative bank becomes a banking company, then also a cooperative banks will have to be included within the meaning. The banking regulation act is a central legislation enacted on march 10, 1949 and came into effect on march 16, 1949 when the government of india publicized in the gazette of india for the purpose of altering and uniting the legal documents on banking. Chapter 1 addresses the question of why banks are regulated in order to establish the basic purposes, rationale, and goals for banking regulation, and to provide a framework for evaluating bank regulations. Banking regulation act, 1949 bare acts law library. Provide safety in the interest of depositors prevent misuse of powers by managers of banks 1 this act does not supersede but supplement to companies act, 19562 initially named banking companies act, 1949 but from march 1, 1966, the name of the act was changed to banking regulation act, 1949. The banking regulation cooperative societies rules, 1966 the banking companies period of preservation of records rules, 1985 the banking ombudsman scheme, 2006 code of bank s commitment the depositor education and awareness fund scheme, 2014 contents the banking regulation act, 1949 part i preliminary s. In exercise of the powers conferred by section 52 read with clause zf of section 56 of the banking regulation act, 1949 10 of 1949, and after consultation with. Banking regulation act 1949 and important sections pdf download. Here you can find description about banking regulation act, 1949 in hindi. Banking regulation act 1949, indian bare acts, law library. In exercise of the powers conferred by section 45y of the banking regulation act, 1949 10 of 1949, the central government, after consultation with the reserve bank of india, hereby makes the following rules, namely. Summary of some important sections is provided hereunder.

The updating and uploading of rules, regulations, notifications, etc. The act supplements the companies act, provided that nothing in clause b of subsection 1 shall be deemed to. Short title, extent and commencement the banking regulation act, 19493 act no. The banking regulation act was passed as the banking companies act 1949 and came into force wef 16. Full text containing the act, banking regulation act, 1949, with all the sections, schedules, short title, enactment date, and footnotes. Here we have listed the acts related to banking sector. Power of reserve bank to control advances by banking companies 1 where the reserve bank is satisfied that it is necessary or expedient in the public interest 86or in the interests of depositors 12or banking policy so to do, it may determine the policy in relation to advances to be followed by banking companies generally or by any banking company in. Introduction banking means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise. Important sections in banking regulation act 1949 related to rbis pca rbi to remove managerial persons under section 36aa of the br act 1949 as applicable. Guarantees given on behalf of constituents a in india b outside india. Subsequently it was changed to banking regulations act 1949 wef 01. Banking regulation act, 1949 power to suspend operation of act is a part of banking regulation act, 1949.

There are many provisions of banking regulation act 1949 and we are going to the topic about business of banking companies. If any difficulty arises in giving effect to the provisions of this scheme, the reserve bank may make such provisions not inconsistent with the banking regulation act, 1949 or the scheme, as it appears to it to be necessary or expedient for removing the difficulty. Form and business in which banking companies may engage 1 in addition to the business of banking, a banking company may engage in any one or more of the following forms of business, namely. Provided that the power exercised by the administrator shall be valid notwithstanding that such power is exercisable by a resolution passed in the general meeting of such multistate cooperative bank. Passed as the banking companies act 1949, it came into force from 16 march 1949 and changed to banking regulation act 1949 from 1 march 1966. Banking regulation act, 1949 bare acts law library advocatekhoj. Lawyers, law firms, government departments and corporates rely on us for, workflow automation, data aggregation, timely updates, case management, intelligent research, latest legal data updates and a lot more. March, 1949 an act to consolidate and amend the law relating to banking 1 whereas it is expedient to consolidate and amend the law relating to banking 1. If you continue browsing the site, you agree to the use of cookies on this website. Certain provisions of the act not to apply to certain banking companies.