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Section 2 – Reserve Bank of India Act,1934

Reserve Bank of India Act,1934

Section 2. Definitions

In this Act, unless there is anything repugnant in the subject or context, –

(a) 1[***]

(ai) 1[***]

(aii) “The Bank” means the Reserve Bank of India constituted by this Act;

(aiii) “Bank for International Settlements” , means the body corporate established with the said name under the law of Switzerland in pursuance of an agreement, dated the 20th January,1930, signed at the Hague;

(b) “The Central Board” means the Central Board of Directors of the Bank;

(bi) 1[***]

(bii) 1[***]

(biii) 1[***]

(biv) 1[***]

(bv) 1[***]

(bvi) “Deposit Insurance Corporation” means the Deposit Insurance Corporation established under section 3 of the Deposit Insurance Corporation Act,1961 (47 of 1961);

(bvii) “Development Bank” means the Industrial Development Bank of India established under the Industrial Development Bank of India Act,1964 (18 of 1964);

(bviii) 1[***]

2[(bviiia) “Exim Bank” means the Export-Import Bank of India established under the Export – Import Bank of India Act,1981 (28 of 1981);]

(bix) “Foreign currency” and “foreign exchange” have the meanings respectively assigned to them in the Foreign Exchange Regulation Act,1973 (46 of 1973);

(c) “Industrial Finance Corporation” means the Industrial Finance Corporation of India established under the Industrial Finance Corporation Act,1948 (15 of 1948);

(ca) “International Development Association” means the “Association” referred to in the International Development Association (Status, Immunities and Privileges) Act,1960 (32 of 1960);

(cb) “International Finance Corporation” means the “Corporation” referred to in the International Finance Corporation (Status, Immunities and Privileges) Act,1958 (42 of 1958);

(cc) “International Monetary Fund” and “International Bank for Reconstruction and Development” means respectively the “International Fund” and the “International Bank” , referred to in the International Monetary Fund and Bank Act,1945;

1[(ccc) “National Bank” means the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act,1981 (61 of 1981);]

3[(cccc) “National Housing Bank” means the National Housing Bank established under section 3 of the National Housing Bank Act,1987 (53 of 1987);]

(ci)-(civ) 1[***]

4[(cv) “Reconstruction Bank” means the Industrial Reconstruction Bank of India established under section 3 of the Industrial Reconstruction Bank of India Act,1984 (62 of 1984);]

(d) “Rupee coin” means rupees which are legal tender in India under the provisions of the Indian Coinage Act,1906 (3 of 1906);

(e) “Scheduled bank” means a bank included in the Second Scheduled;

5[(e1) “Small Industries Bank” means the Small Industries Development Bank of India established under section 3 of the Small Industries Development Bank of India Act,1989;]

(ea) “Sponsor Bank” means a Sponsor Bank as defined in the Regional Rural Banks Act,1976 (21 of 1976);

(eb) “State Bank” means the State Bank of India constituted under the State Bank of India Act,1955 (23 of 1955);

(f) 1[***]

(f1) “State Financial Corporation” means any State Financial Corporation established under the State Financial Corporations Act,1951 (63 of 1951);

(g) “Unit Trust” means the Unit Trust of India established under section 3 of the Unit Trust of India Act,1963 (25 of 1963);

6[(h) “Agricultu ral operations” , “central co-operative bank” , “co-operative society” , “crops” , “marketing of crops” , “pisciculture” , “regional rural bank” and “State co-operative bank” shall have the meanings respectively assigned to them in the National Bank for Agriculture and Rural Development Act,1981 (61 of 1981);

(i) “Co -operative bank” , “co-operative credit society” , “director” , “primary agricultural credit society” , “primary co-operative bank” and “primary credit society” shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act,1949 (10 of 1949).]

——————–

1. Omitted by Act No. 61 of 1981, w.e.f. 1/5/1982.

2. Inserted by Act No. 28 of 1981, w.e.f. 1/1/1982.

3. Inserted by Act No. 53 of 1987, w.e.f. 9/7/1988.

4. Inserted by Act No. 62 of 1984, w.e.f. 20/3/1985.

5. Inserted by Act No. 39 of 1989, w.e.f. 7/3/1990.

6. Inserted by Act No. 61 of 1981, w.e.f. 1/5/1982.

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Reserve Bank of India Act,1934

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