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Reserve Bank of India Act,1934

Reserve Bank of India Act,1934

CONTENTS

Sections

Particulars

Preamble
1 Short title, extent and commencement
2 Definitions
3 Establishment and incorporation of Reserve Bank
4 Capital of the Bank
5 Section
6 Offices, branches and agencies
7 Management
8 Composition of the Central Board, and term of office of directors
9 Local Boards, their constitution and functions
10 Disqualifications of directors and members of Local Boards
11 Removal from and vacation of office
12 Casual vacancies and absences
13 Meetings of the Central Board
14 General meetings
15 First constitution of the Central Board
16 First constitution of Local Boards
17 Business which the Bank may transact
18 Power of direct discounts
18A Validity of loan or advance not to be questioned
19 Business which the bank may not transact
20 Obligation of the Bank to transact government business
21 Bank to have the right to transact government business in India
21A Bank to transact government business of States on agreement
21B Effect of agreements made between the Bank and certain States before the 1st November,1956
22 Right to issue bank notes
23 Issue department
24 Denominations of notes
25 Form of bank notes
26 Legal tender character of notes
26A Certain bank notes to cease to be legal tender
27 Re-issue of notes
28 Recovery of notes lost, stolen, mutilated or imperfect
28A Issue of special bank notes and special one rupee notes in certain cases
29 Bank exempt from stamp duty on bank notes
30 Powers of Central Government to supersede Central Board
31 Issue of demand bills and notes
32 Section
33 Assets of the issue department
34 Liabilities of the issue department
35 Section
36 Section
37 Suspension of assets requirements as to foreign securities
38 Obligations of government and t he Bank in respect of rupee coin
39 Obligation to supply different forms of currency
40 Transactions in foreign exchange
41A Section
42 Cash reserves of scheduled banks to be kept with the Bank
43 Publication of consolidated statement by the bank
43A Protection of action taken in good faith
44 Section
45 Appointment of agents
45A Definitions
45B Power of bank to collect credit information
45C Power to call for returns containing credit information
45D Procedure for furnishing credit information to banking companies
45E Disclosure of information prohibited
45F Certain claims for compensation barred
45G Section
45H Chapter III-B not to apply in certain cases
45I Definitions
45IA Requirement of registration and net owned fund
45IB Maintenance of percentage of assets
45IC Reserve fund
45J Section
45JA Power of bank to determine policy and issue directions
45K Power of bank to collect information from non-banking institutions as to deposits and to give directions
45L Power of bank to call for information from financial institutions and to give directions
45M Duty of non-banking institutions to furnish statements, etc., required by bank
45MA Powers and duties of auditors
45MB Power of bank to prohibit acceptance of deposit and alienation of assets
45MC Power of bank to file winding up petition
45N Inspection
45NA Deposits not to be solicited by unauthorised persons
45NB Disclosure of information
45NC Power of bank to exempt
45O Section
45P Section
45Q Chapter III B to override other laws
45QA Power of Company Law Board to order repayment of deposit
45QB Nomination by depositors
45R Interpretation
45S Deposits not to be accepted in certain cases
45T Power to issue search warrants
45U Definitions
45V Transactions in derivatives
45W Power to regulate transactions in derivatives, money market instruments, etc
45X Duty to comply with directions and furnish information
46 Contribution by Central Government to the reserve fund
46A Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilisation) Fund
46B Section
46C National Industrial Credit (Long Term Operations) Fund
46D National Housing Credit (Long Term Operations) Fund
47 Allocation of surplus profits
48 Exemption of bank from income-tax and super-tax
49 Publication of bank rate
50 Auditors
51 Appointment of special auditors by government
52 Powers and duties of auditors
53 Returns
54 Rural credit and development
54A Delegation of powers
54AA Power of bank to depute its employees to other institutions
55 Section
56 Section
57 Liquidation of the Bank
58 Power of the Central Board to make regulations
58A Protection of action taken in good faith
58B Penalties
58C Offences by companies
58D Application of section 58B barred
58E Cognizance of offences
58F Application of fine
58G Power of bank to impose fine
59-61 Sections
Schedule
Schedule 1
Schedule 2
Schedule 3
Schedule 4
Schedule 5

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