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 tender advice in winding up proceedings. Regulation of paid-up capital, subscribed capital and authorized capital and voting rights of shareholders.
Documents of banking company to be evidence. Prohibition of floating charge on assets. Special period of limitation. Transfer of pending proceedings. Prohibition of common Directors.
The Act supplements the Companies Act, Provided that the co-operative bank shall also send an advance copy of the application directly to the Reserve Bank. Prohibition of charge on unpaid nr.
Section 19 in BANKING REGULATION ACT,
Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act. Nomination for return of articles kept in safe custody with banking company. Power to suspend operation of Act. 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 depositors of the co-operative bank.
Short title, extent and commencement. Part II not to apply to banking companies being wound up. Tribunal to have powers of a civil court.
Form and business in which banking companies may engage. Part IIA to override other laws. Certain provisions of the Act not to apply to certain banking companies.
Section 56 in BANKING REGULATION ACT,
Power of Reserve Bank to control advances by banking companies. Power bt High Court in voluntary winding up. Application of other laws not barreds. Inthe Act was amended to include cooperative banks under its purview by adding the Section Licensing of banking companies. Power of Reserve Bank to remove managerial and other persons from office.
Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation. Display of audited balance-sheet by companies incorporated outside India.
The Act provides a framework using which commercial banking in India is supervised and regulated. Act to apply to Co-operative Societies subject to modifications.
Power to publish information. Return of unclaimed deposits. References to Directors, etc. Compensation to be given to shareholders of the acquired bank.
Banking Regulation Act, 1949
The Banking Regulation Act, is a legislation in India that gr all banking firms in India. The Act gives the Reserve Bank of India RBI the power to license banks, have regulation over shareholding and voting rights of shareholders; supervise the appointment of the boards and management; regulate the operations of banks; lay down instructions for audits; control moratoriummergers and liquidation ; issue directives in the interests of public good and on banking policy, and impose penalties.
Election of new Directors. Act to override memorandum, articles, etc.