Full text containing the act, Banking Regulation Act, , with all the sections, schedules, short title, enactment date, and footnotes. provisions of Banking Regulation Act, (As Applicable to Co-operative .. In terms of Section 24 of the Banking Regulation Act , (AACS), every. Primary. Section 23 of Banking Regulation Act, (AACS) – Extending Value-Added Services through ATMs. Please refer to our circular
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Constitution axcs the Tribunal. Amendment of Act 2 of Restrictions on power to remit debts. Accounting provisions of this Act not retrospective. Provided that nothing in this sub-section shall apply to— a the opening for a period not exceeding one month of temporary place rb business within a city, town or village or the environs thereof within which the co-operative bank already has a place of business, for the purpose of affording banking facilities to the public on the occasion of an exhibition, a conference or a mela or any like occasion.
Banking Regulation Act, 1949
Public examination of Directors and Auditors. Compensation to be given to shareholders of the acquired bank. Monthly returns and power to call for other returns and information. Certain claims for compensation barred.
Enforcement of orders and decisions of High Court. Power to publish information. Provided that the power exercised by the Administrator shall be valid notwithstanding that such power is exercisable by a resolution passed in the general meeting of such multi-State co-operative bank. The Act gives the Reserve Bank of India RBI the power to license banks, have regulation over shareholding and voting rights of shareholders; supervise the appointment of the boards and management; regulate the operations of banks; lay down instructions for audits; control moratoriummergers and liquidation ; issue directives in the interests of public good and on banking policy, and impose penalties.
Regulation of paid-up capital, subscribed capital and authorized capital and voting rights of shareholders. Preferential payments to depositors. Settlement of list of debtors.
India and International Cat Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act. Initially, the law was applicable only to banking companies. Babu Rao And Ors.
acct Amendments of provisions relating to appointments of Managing Directors, etc. Rate of interest charged by banking companies not to be subject to scrutiny by courts. Special provisions for private banking companies.
Power of Reserve Bank to control advances by banking companies. But, RBI controls the licensing and regulates the business operations. Disposal of non-banking assets. Business Of Banking Companies. Power to exempt in certain cases.
Provided that the co-operative bank shall also send an advance copy of the application directly to the Reserve Bank. Act to override bye-laws, etc.
Section 56 in BANKING REGULATION ACT,
Part IIIA to override other laws. Part II Business Of Banking Companies 6 Form and business in which banking companies may engage 7 Use of words “bank”, “banker”, “banking” or “banking company” 8 Prohibition of trading 9 Disposal of non-banking assets 10 Prohibition of employment of Managing Agents and restrictions on certain forms of employment 10A Board of Directors to include persons with professional or other experience 10B Banking company to be managed by whole-time Chairman 10BB Power of Reserve Bank to appoint Chairman of a banking company 10C Chairman and certain Directors not to be required to hold qualification shares 10D Provisions of sections 10A and 10B to override all other laws, contracts, etc.
Special provisions for punishing offences in relation to banking companies being wound up. Restrictions on loans and advances. Provided that nothing in clause b of sub-section 1 shall be deemed to prohibit—. Provided that this sub-clause shall not apply to the admission of a co-operative bank as a member by reason of such co-operative bank subscribing to the share capital of such co-operative society out of funds provided by the State Government for the purpose. Power to dispense with meetings of creditors, etc.
Form and business in which banking companies may engage. Restrictions on loans and advances.
Banking Regulation Act, | Bare Acts | Law Library | AdvocateKhoj
Power of Central Government to make rules for the preservation of records. References to Directors, etc. Power of the Central Government to make scheme. But, it was amended to make it applicable to cooperative banks and to introduce other changes.