Banking companies act 1949 pdf

Banking regulation act, 1949 bare acts law library. Enlist the principal books of accounts of a banking company, subsidiary ledgers, other. The banking companies legal practitioners clients account. Banking regulation c ompanies rules, 1949 in exercise of. 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. No banking company shall carry on business in india, unless it satisfies the following conditions. Learn the conditions to be fulfilled for obtaining a license for banking activities in india. Banking regulation act, 1949 1 0 of 1949, and after consultation with the reserve bank, the central government is pleased to make the following rules. The banking regulation act, 1949 reserve bank of india.

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. Regulation of paidup capital, subscribed capital and authorised capital and voting rights of shareholders. The relevant sections of the banking regulation act, 1949, the banking companies acquisition and transfer of undertaking act, 1970, the relevant clauses of the. Be it enacted by parliament in the sixtyeighth year of the republic of india as. Banking regulation act 1949 section 56 citation 38788. By a banking company incorporated outside india and having a principal place out business as declared in terms of section 2771e of the indian companies act, 19, or as the case may be, section 5921e of the companies act, 1956, from that principal place of business to the office of the reserve bank situated in the state in which the. Nomination under section 45 za of the banking regulation act, 1949 and rule 21 of. Passed as the banking companies act 1949, it came into force wef 16 march 1949 and changed to banking regulations act 1949 wef 01. Banking companies nomination rules, 1985 in respect of bank deposits iwe. Here you can find description about banking regulation act, 1949 in hindi. An act further to amend the banking regulation act, 1949. Rate of interest charged by banking companies not to be subject to scrutiny by courts. The industrial disputes banking and insurance companies act. Banking regulation act 1949 schedule iii citation 38791.

Understand and interpret minimum paidup capital and reserves. In exercise of the powers conferred by section 52 of the banking regulation act, 1949 10 of 1949, and after consultation with the reserve bank, the central government is pleased to make the following rules. Employees provident fund and miscellaneous provisions act. There are many provisions of banking regulation act 1949 and we are going to the topic about business of banking companies. Passed as the banking companies act 1949, it came into force. Provisions of rbi act 1935, banking regulation act 1949, prevention of money laundering act, 2002. Rate of interest charged by banking companies not to be subject to scrutiny by courts 22.

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. An act to consolidate and amend the law relating to banking 2. Restrictions on opening of new, and transfer of existing, places of business foot notes act no. Notwithstanding anything to the contrary contained in section 77 of the companies act, 1956 1 of 1956, no banking company shall, a grant any loans or advances on the security of its own shares, or. Act,1949 after studying this unit, you will be able to. Banking acts department of financial services ministry. 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.

The banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. Application of other laws not barred 3 act to apply to cooperative societies in certain cases. Supervision and control of banking companies 34 board for financial supervision 34 winding up amalgamation and. Full text containing the act, banking regulation act, 1949, with all the sections, schedules, short title, enactment date, and footnotes.

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. It became applicable to jammu and kashmir from 1956. Banking regulation act 1949 and important sections pdf. March, 1949 an act to consolidate and amend the law relating to banking 1. The act vested in the reserve bank the responsibility relating to licensing of banks, branch expansion, liquidity of their assets, management and. Reserve bank of india was vested with extensive powers for the supervision of banking in india as a central banking authority. Here we have listed the acts related to banking sector. Know the details of unclaimed deposits and liquidity requirements. Power of the reserve bank to give directions 1 where the reserve bank is satisfied that a in the public interest. Download free sample and get upto 65% off on mrprental. Restrictions on opening of new, and transfer of existing, places of business. Buy the banking companies legal practitioners clients account act 1949 by panel of experts pdf online from faculty notes. An act to consolidate and amend the law relating to banking.

Whereasit is expedient to consolidate and amend the law relating to banking 2. Banking regulation act, 1949 bare acts law library advocatekhoj. Br act, 1949, banking companies acquisition and transfer of undertakings act. Banking regulation act, 1949 was enacted on 10 march 1949 and came to effect on 16 march 1949. In this act, unless there is anything repugnant in the subject or context, the expressions award, banking company, industrial. The banking companies legal practitioner clients accounts act, 1949. Power of reserve bank to control advances by banking companies. The industrial finance corporation of india act, 1948. Regulation act, 1949 10 of 1949, but defined in the companies act, 1956 1 of 1956 shall have the meanings respectively assigned to them in.

The industrial disputes banking and insurance companies act, 1949. Banking regulation act, 1949, precluding the court from scrutinising the rate of interest under the provisions of the usurious loans act, since sec. Understand the legal definition of banking, the composition of management team of a bank and types of banks operating in india. Banking regulation act 1949 objectives paper tyari. Learn the provisions relating to capital, reserve, liquidity norm. Banking regulation act 1949 and important sections pdf download. Whereas it is expedient to consolidate and amend the law relating to banking 2. An act to provide for the adjudication of industrial disputes concerning certain banking and insurance companies. Consequently, banking organizations can now provide a wide range of services, including insurance and securities brokerage and. Winding up of banking companies liquidation private law. For this reason there are provision for winding up of the banking company under the banking regulation act, 1949. The banking companies period of preservation of records rules, 19851 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. 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.

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