Whereas the reserve bank of india is satisfied that in order to protect the interest of the depositors and in public interest, it is necessary to issue certain directions to yes bank ltd. Important mcq of banking regulation act 1949 banking. Every banking company incorporated in india shall create a reserve fund and 99 shall, out of the balance of profit of each year as disclosed in the profit and loss account prepared under section 29 and before any dividend is declared, transfer to the reserve fund a sum equivalent to not less than twenty per cent of such profit. Buy banking regulation act 1949 book online at best prices in india on. Application of other laws not barred 3 act to apply to cooperative societies in certain cases. Apr 22, 2020 rbi imposes rs 50 lakh fine on pnb for delay in reporting fraud in kingfisher airlines account 03 aug, 2019, 10. Short title, extent and commencement 1 this act may be called the banking 2 regulation act, 1949. Banking regulation act 1949 copy free download as powerpoint presentation. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. Jul 14, 2017 the banking ombudsman scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks. Directive under section 35a of the banking regulation act. Jan 17, 2017 in this series of study material for bank promotion, these are brief notes on banking regulation act. The banking regulation act 1949 extends to the entire nation.
Section 24 of the banking regulation act, 1949 maintenance. Jan 31, 2014 banking regulation act1949 banking defined. Provided that nothing contained in this subsection shall bar a. Banking regulation act 1949 copy reserve bank of india. Whereas the reserve bank of india is satisfied that in order to protect the interest of the depositors and in. Rbi act,1934 is the founding legislation for rbi notified on 01041935. 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.
Section 19 of the banking regulation act, 1949 equity. The objectives of this function are to protect the interest of the depositors and maintain the safety and soundness of the banking and financial system of the country. Contains all enforced central and state acts linked with subordinate data like rules,regulations,notifications,orders,circulars,ordinances,statutes. The banking regulation act, 1949 reserve bank of india. Section 24 of the banking regulation act, 1949 maintenance of statutory liquidity ratio slr. Banking regulation act, 1949 bare acts law library advocatekhoj. Banking regulation act 1949 and important sections pdf. Notwithstanding anything contained in any law for the time being in force or in any contract or instrument no suit or other proceeding shall be maintained against any person registered as the holder of a share in a banking company on the ground that the title to the said share vests in a person other than the registered holder. Section 24 and section 56 of the banking regulation act, 1949 rbi. Comments as provided in part v of the banking regulation act, 1949 this act is applicable to the cooperative societies. The banking ombudsman scheme is introduced under section 35 a of the banking regulation act, 1949 by rbi with effect from 1995. Buy banking regulation act 1949 book online at low. It seeks to amend the banking regulation act, 1949 to insert provisions for.
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 loans securities finance. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. 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. Study material for bank promotion banking regulation act. Apr 28, 2011 rbi derives its regulating powers for indian banking system from the provisions of the banking regulation act 1949. Maintenance of slr and holdings of slr in htm category.
Companies act 1956 defining company, negotiable instrument act defining public holiday. Banking regulation act 1949 indian bare acts india bare act. Power to suspend operation of act is a part of banking regulation act, 1949. Rbi as banker of all banks and its functions pdf download. Extracts of provisions contained in various acts regulation schemenotifications applicable for election of shareholders directors the banking regulation act, 1949 section 5 ne. Establishment of depositor education and awareness fund. A bank is a financial institution which accepts the deposit of money from the public for lending or, investment. Reserve bank of inola general regulations, 1949 in exercise of the powers conferred by section 58 of the reserve bank of india act, 1934 ii of 1934 and in supersession of the reserve bank of india general regulations, 1935, the central board of the reserve bank of india, with the previous sanction of the central. 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 related, public utilities, shipping laws, tax laws. Substantial interest i in relation to a company, means the holding of a beneficial interest by an individual or his. Rbi circular on section 6 of the banking regulation act, 1949. The banking regulation act 1949 has 56 sections in total. An act further to amend the banking regulation act, 1949.
For other entities, it derives power from the rbi act 1934. Banking regulation act 1949 16 th march 1949 ramees k abdul aziz roll no. Rbi as banker of all banks and its functions pdf download rbi as banker of all banks and its functions rbi is the central bank of india and controls the entire money issue, circulation the entire money issue, circulation and control by its monetary policies and lending policies by periodical updates or corrections to discipline the economy. Aug 26, 2011 provisions of the banking regulation act, 1949 are not in substitution of other laws applicable, unless otherwise expressly said section 2 sub 56 b act is not applicable to 1 primary agricultural society 2 cooperative land mortgage bank 3 any other cooperative society except as provided by sec. Section 19 of the banking regulation act 1949 equity investments in subsidiaries and other companies draft guidelines rbi 2011 12 dbod fsd bc 2011 12 july 6 201. Banking regulation act 1949 latest breaking news, pictures, videos, and special reports from the economic times.
Section 24 and section 56 of the banking regulation act, 1949 maintenance of. Be it enacted by parliament in the sixtyeighth year of the republic of india as. Section 21 power of reserve bank to control advances by banking companies. Banking regulation act 1949 section 35a citation 38699. Reserve bank of india logo reserve bank of india database. Banking regulation act, 1949 schedule iii bare act. Though the reserve bank of india has taken efforts to ensure the accuracy of the text as well as the footnotes of the act, it will not be responsible in any way if any inadvertent mistake has crept in into the document. Scribd is the worlds largest social reading and publishing site. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. Section 24 and section 56 of the banking regulation act, 1949. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in. Till 1949, controlled by indian companies act 1956. Confidence is the sine qua non for its organic and orderly growth. An act to consolidate and amend the law relating to banking 2.
Banking regulation act 1949 schedule iii citation 38791. Banking regulation act 1949 free download as powerpoint presentation. Full text containing the act, banking regulation act, 1949, with all the sections, schedules, short title, enactment date, and footnotes. Here you can find description about banking regulation act, 1949 in hindi. Rbi in the compendium of best practices in a computerised environment and guidelines. The act gives the reserve bank of india rbi the power to license banks, have regulation. Aug 31, 2009 section 6 of the banking regulation act, 1949 as applicable to cooperative societies forms of business in which banking companies may engage a reference is invited to section 6 1f of the banking regulation act b. Banking regulation act 1949 blogs, comments and archive news on.
The banking regulation act 1949 extends to whole of india. Whereas it is expedient to consolidate and amend the law relating to banking 2. From april 1, 2017, entire slr as prescribed by rbi as on that date in assets as mentioned in a to c above. Principal provisions of banking regulation act, 1949. Banking regulation act, 1949 bare acts law library. Recommendation of banking enquiry committee inadequate capital, dishonest management, speculative business a bill was introduced in parliament in march 1948. 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. What is the difference between the rbi act and the banking. Banking regulation act 1949 came into force on 16 march 1949. Monetary policy statement 201415 by reserve bank of india on. Section 19 of the banking regulation act, 1949 equity investments in. Banking company bound to comply with any direction issued by r. Important mcq of banking regulation act 1949 banking awareness competition craze.