Banking regulation act, 1949 bare acts law library. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. Forms of business, in which banking companies may, engage. Banking regulation act 1949 latest breaking news, pictures, videos, and special reports from the economic times.
So265 ein 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. The deposit insurance and credit guarantee corporation act1961dicgc the banking companies. Financial statements american express banking corp. The industrial disputes banking companies decision act1955. Full text containing the act, banking regulation act, with all the sections, schedules, short title, enactment date, and footnotes.
Rate of interest charged by banking companies not to be subject to scrutiny by courts. Power of reserve bank to control advances by banking companies. The banking system in india is regulated by the reserve bank of india rbi, through the provisions of the banking regulation act, 1949. The rbi act was enacted to establish and set out the. Under the new rules, banks will be subject to liquidity risk management, stresstesting and contingency funding. The banking laws amendment bill, 2011 a bill further to amend the banking regulation act, 1949, the banking companies acquisition and transfer of undertakings act, 1970 and the banking companies acquisition and transfer of undertakings act, 1980 and to make consequential amendments in certain other enactments. Scheduled banks comprise commercial banks and the cooperative. Passed as the banking companies act 1949, it came into force from 16. 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. Banking regulation act 1949 important sections in hindi. Control and regulations of banks under the banking regulations act, 1949 banking is a unique industry in the sense that the bulk of its working funds are derived fiom demand and time deposits. Banking regulation companies rules, 1949 rules law library. Negotiable instrument act1881 the bankersbooks evidence act1891 the reservebank of india act1934 the industrial finance corporation of india act1948 the banking companies legal practitioner clients accounts act1949 the industrial disputes banking and insurance companies act1949. The industrial disputes banking and insurance companies act.
The banking regulation companies rules, 1949 1 the banking regulation companies rules, 1949 11. The balance sheet and the profit and loss account have been drawn up in accordance with the provisions of section 29 of the banking regulation act, 1949 read with the companies accounting standards rules, 2006 as amended specified under section 3 of the act, read with the companies accounts rules, 2014. May, 11, 2020 insurance insurance regulatory and development authority circulars miscellaneous. Application of rules to state bank of india, subsidiary banks, corresponding new banks and regional. The banking companies legal practitioner clients accounts act. Whereas it is expedient to consolidate and amend the law relating to banking 2. Company secretaries in the banking companies formed either under the companies act 1956 or any other legislations and having banking licence from rbi under the banking regulation act 1949, have to discharge onerous responsibility not only to ensure compliance with the various statutory provisions as a principal officer. Bank regulation is a form of government regulation which subjects banks to certain requirements, restrictions and guidelines, designed to create market transparency between banking institutions and the individuals and corporations with whom they conduct business, among other things. Banking regulation act 1949 the reserve bank of india act 1934 3. When the form or amount of deposit is changed by reason of a subsequent deposit or withdrawal, the principal office of the reserve bank shall, as soon as possible, send to the principal office of the banking company a fresh certificate in form ii. This document presents the various provisions of the. An act to consolidate and amend the law relating to banking 2. Short title, extent and commencement 1 this act may be called the banking 2regulation act, 1949.
Application of rules to state bank of india, subsidiary banks, corresponding new banks and regional rural banks. The form of application is set out in the banking regulation companies rules, 1949. Banking regulation act 1949, prevention of money laundering act, 2002. Companies act 1956 defining company, negotiable instrument act defining public holiday. Buy banking regulation act 1949 book online at best prices in india on. Drawing, making, accepting, discounting, buying, selling, collecting, and dealing in bills of exchange, hundies, promissory notes, coupons etc. The deposit insurance and credit guarantee corporation act1961. The granting and issuing of letters of credit or various kinds, travelers cheque etc. The cigarettes and other tobacco products prohibition of advertisement and regulation of trade and commerce, production, supply and distribution amendment bill, 2007 passed the state bank of india amendment bill, 2007. If there is an inability to do so, then the mere fact that the company has a power to grant loans will not make it a banking company. Banking companies period of preservation of records.
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. Rules, 1985 banking companies period of preservation of records rules, 1985. Some important aspects of the regulations that govern. Declaration of dividend by a banking company is governed by provisions of the companies act, 20 and the rules made thereunder, as well as by the provisions of the banking regulation act, 1949 and the guidelines issued by the rbi from time to time. The banking regulation act 1949 extends to whole of india.
Supervision and control of banking companies 34 board for financial supervision 34 winding up amalgamation and mergers of banks 34. It is therefore in the national interest that legislative safeguards be provided so that it gives a flavour of. Companies act, 1956 1 of 1956, or in any other law for the time being in force. The provisions of this act shall be in addition to, and not, save as hereinafter expressly provided, in derogation of the 6companies act, 1956 1 of 1956, and any. The banking regulation act 1949 is a legislation in india that regulates all banking firms in india.
Buy a2z current affairs septemberdecember 2019 qa pdf. The key statutes and regulations that govern the banking industry in india are. Buy banking regulation act, 1949 lawmanns series book online. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. Banking laws and regulations usa laws and regulations. The banking regulation companies rules, 1949 indian kanoon. Free access to the fulltext for the rule, banking regulation companies rules, 1949 and passed by the indian parliament is listed here. Company secretaries in the banking companies formed either under the companies act 1956 or any other legislations and having banking licence from rbi under the banking regulation act 1949, have to discharge onerous responsibility not only to ensure compliance with the various statutory provisions as a. Restrictions on opening of new, and transfer of existing, places of business. Initially applicable for banking companies but applicable to cooperative banks since 1965. Initially, the law was applicable only to banking companies. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. Banking regulation c ompanies rules, 1949 in exercise of. The procedure now prescribed under the banking companies act, 1949 read with the companies act, 1956 for the liquidation of banking companies is somewhat elaborate, and in the absence of any provisions in the law indicating the timeschedule according to which certain payments may be made to the depositors, a great deal of hardship is caused.
Banking companies acquisition and transfer of undertaking. The indian banking industry, which is governed by the banking regulation act of india, 1949 can be broadly classified into two major categories, nonscheduled banks and scheduled banks. Application of other laws not barred 3 act to apply to cooperative societies in certain cases. Banking regulation act, 1949, precluding the court from scrutinising the rate of interest under. The banking regulation act, 1949 as modified upto january 7, 20 contents part i preliminary section 1 short title, extent and commencement section 2 application of other laws not barred section 3 act to apply to cooperative societies in certain cases section 4 power to suspend operation of act section 5 interpretation. Banking regulation act 1949 blogs, comments and archive news on.
An act to consolidate and amend the law relating to banking. A company desiring to have a licence under section 22 of the act shall apply to the principal office of the reserve bank in a form specified below, namely. Welcome to the institute of cost accountants of india website. Banking regulation april 2010 5 slaughter and may quantitative requirements, coupled with a definition of liquid assets to meet such requirements. Study material for bank promotion banking regulation act. Dividend distribution policy personal banking, nri. Here we have listed the acts related to banking sector. In exercise of the powers conferred by section 52 of the banking regulation act, 1949 10 of 1949, and. Section 2 in the banking regulation companies rules, 1949. As regulation focusing on key actors in the financial markets, it forms one of the three components of financial. Chapter 1 addresses the question of why banks are regulated in order to establish the basic purposes, rationale, and goals for bank ing regulation, and to provide a framework for evaluating bank regulations. The banking regulation act, 1949 reserve bank of india.
The amendments to the br act 1949, introduced through the ordinance, and the notification issued thereafter by the central government empower rbi to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default, under the provisions of the insolvency and bankruptcy code, 2016 ibc. The banking regulation act, is a legislation in india that regulates all banking firms in. Banking companies period of preservation of records rules 1985. Determination of the directors who are to cease to hold office.
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