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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Use of words “bank”, “banker”, “banking” or “banking company”. Banking company to be managed by whole-time Chairman. Certain provisions of the Act not to apply to certain banking companies.
Business Of Banking Companies. Accounting provisions of this Act not retrospective. Notice of claims of other persons regarding deposits not receivable.
Alteration of memorandum of a banking company. Copies of balance-sheets and accounts to be sent to Registrar. Short title, extent and commencement. Views Read Edit View history.
Power to suspend operation of Act. It is hereby enacted as follows: Production of documents of confidential nature. Transfer of pending proceedings. Notice of claims of other persons regarding safety lockers not receivable. Power of Central Government to make rules.
Power of the Central Government to make scheme. It is applicable in jammu and kashmir from Punishments for certain activities in relation to banking companies. Procedure for amalgamation of banking companies. Tribunal to have powers of a civil court. Booked depositors’ credits to be deemed proved. The Act supplements the Companies Act, Power of Central Government to make rules for the preservation of 19499.
Winding up by High Court.
Reserve Bank to be official liquidator. Retrieved from ” https: An Act to consolidate and amend the law relating to banking.
Banking Regulation Act, 1949
Certain claims for compensation barred. Return of paid instruments to customers. Cooperative banks, which operate only in one state, are formed and run by the state government.
Public examination of Directors and Auditors, etc. Initially, the law was applicable only to banking companies. Further powers and functions of Reserve Bank. Act 18 of and Act 46 of to apply in relation to co-operative banks.
Section 19 in BANKING REGULATION ACT,
Power of High Court to decide all claims in respect of banking companies. Inthe Act cat amended to include cooperative banks under its purview by adding the Section Power of Reserve Bank to appoint Chairman of a banking company. India and International Law: Settlement of list of debtors. Display of audited balance-sheet by companies incorporated outside India. Power of High Court to enforce schemes of arrangements, etc.