Section 2 – BANKING REGULATION (COMPANIES) RULES

2. Interpretation

(1) In these rules,-

(a) “the Act” means the Banking Regulation Act, 1949;

2[(aa) “ineligible Director” means a Director who is not eligible under clause (a) or clause (b) of sub-section (2) of section 10A of the Act;]

(b) “principal office of the Reserve Bank” means the office of the Reserve Bank to which the returns prescribed under the Act or these rules are required to be submitted;

(c) “principal office of the banking company” means the office of the banking company which will be responsible for the submission of returns prescribed under the Act or these rules;

(d) “quarter” means a period of three months ending on the last day of March, June, September or December of any year;

(e) “place of business” of a banking company includes any sub-office, pay-office, sub-pay-office and any place of business at   which deposits are received,3[cheques cashed, moneys lent or any other form of business referred to in sub-section (1) of section 6 of the Act is transacted.]

(f) “commencement of these rules” means,-

(i) in the case of any banking company whose registered office or principal place of business refereed to in sub-rule (2) of rule 3 is or was in-

(A) the territories merged in the former Part A States, or

(B) the States of Hyderabad, Mysore, Travancore-Cochin, Bhopal, Manipur and Tripura, as these States existed before the lst day of November, 1956, or

(C) those parts of the State of Rajasthan which formerly comprised the Indian States of Jaipur, Bikaner, Jaisalmer and Jodhpur, the 22nd day of November, 1952;

(ii) in the case of any banking company whose registered office or principal place of business referred to in sub-rule (2)  of rule 3 is or was in the State of Jammu and Kashmir, the lst day of November, 1956;

(iii) in the case of the State Bank of India, the date on which the Banking Companies (Amendment) Rules, 1961, are published in the Gazette of India;

4[(iv) in the case of a subsidiary bank, the date on which the Banking Regulation (Companies) Amendment Rules, 1985, are published in the Gazette of India;

(v) in the case of a corresponding new bank, the date on which the Banking Regulation (Companies) Amendment Rules, 1985, are published in the Gazette of India;]

5[(vi) in the case of a Regional Rural Bank, the date on which the Banking Regulation (Companies) Amendment Rules, 1985, are published in the Gazette of India;]

6[(vii) in any other case, the 26th day of March, 1949:

PROVIDED that nothing contained in 7[sub-clauses (iii) to (vi) both inclusive] shall affect the previous operation of any of these rules by virtue of the provisions of the Act; and]

(g) “Chief Executive Officer” means in the case of a banking company incorporated outside India, the officer, by whatever name called, managing or in charge of all the branches of that company in India, or if there is no such officer, the officer, by whatever name called, managing or in charge of the principal office of the company in India.

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