The Banking Regulation Act,1949
Section 49A. Restriction on acceptance of deposits withdrawable by cheque
1[Restriction on acceptance of deposits withdrawable by cheque. No person other than a banking company, the Reserve Bank, the State Bank of India or any other 2[banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank] shall accept from the public deposits of money withdrawable by cheque:
Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.
1. Inserted by Act 33 of 1959, Section 35 w.e.f. 1-10-1959.
2. Substituted by Act 55 of 1963, Section 28, for certain words w.e.f. 1-2-1964.