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Section 45 MB – Reserve Bank of India Act,1934

Reserve Bank of India Act,1934

Section 45 MB. Power of bank to prohibit acceptance of deposit and alienation of assets

1[Power of bank to prohibit acceptance of deposit and alienation of assets. (1) If any non-banking financial company violates the provisions of any section or fails to comply with any direction or order given by the bank under any of the provisions of this Chapter, the bank may prohibit the non-banking financial company from accepting any deposit.

(2) Notwithstanding anything to the contrary contained in any agreement or instrument or any law for the time being in force, the bank, on being satisfied that it is necessary so to do in the public interest or in the interest of the depositors, may direct, the non-banking financial company against which an order prohibiting from accepting deposit has been issued, not to sell, transfer, create charge or mortgage or deal in any manner with its property and assets without prior written permission of the bank for such period not exceeding six months from the date of the order.

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1. Inserted by Reserve Bank of India (Amendment) Act,1997, w.r.e.f. 9/1/1997.

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Reserve Bank of India Act,1934

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