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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Power of Reserve Bank to appoint additional Directors. Provided also that the Reserve Bank may, in any particular case, extend the aforesaid period of seven years by such period as it may consider necessary where it is satisfied that such extension would be in b interests of the depositors of the co-operative bank.
Power of Central Government to make rules for the preservation of records. Change of name by banking company. Power to publish information.
Act 18 of and Act 46 of to apply in relation to co-operative banks. Retrieved 11 January Notice of claims of other persons regarding articles not receivable. Special provisions to make calls on contributories.
Regulation 149 paid-up capital, subscribed capital and authorized capital and voting rights of shareholders.
Power of Reserve Bank to appoint Chairman of a banking company. Power of High Court in voluntary winding up. Notice of claims of other persons regarding safety lockers not receivable. Booked depositors’ credits to be deemed proved. Try out our Premium Member services: Notice to preferential claimants and secured and unsecured creditors.
Duty of Directors and Officers of banking company to assist in the realization of property. Restrictions as to payment of dividend.
Power of the Reserve Bank to give directions. Requirement as to minimum paid-up capital and reserves. Power of High Court to decide all claims in respect of banking companies. References to Azcs, etc.
Banking Regulation Act, 1949
Banking Regulation Act, Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up.
It is applicable in brr and kashmir from Special provisions for assessing damages against delinquent Directors, etc. The Act provides a framework using which commercial banking in India is supervised and regulated.
Settlement of list of debtors. Act to apply to Co-operative Societies subject to modifications. Use of words “bank”, “banker”, “banking” or “banking company”.
Compensation to be given to shareholders of the acquired bank. Documents of banking company to be evidence. But, it was amended to make it applicable to cooperative banks and to introduce other changes.
Alteration of memorandum of a banking company.
Section 19 in BANKING REGULATION ACT,
Provided that nothing in clause b shall apply to the grant of unsecured loans or advances— a made by a co-operative bank—. Cooperative banks, which operate only in one state, are formed and run by the state government.
Display of audited balance-sheet by companies incorporated outside India.
Accounts and Balance Sheet. The Banking Regulation Act, is a legislation in India that regulates all banking firms in India.
Banking Regulation Act, – Wikipedia
Certain claims for compensation barred. Election of new Directors. Power of Central Government to make rules. Amendments of provisions relating to appointments of Managing Directors, etc.
Power to suspend operation of Act. Constitution of the Tribunal. But, RBI controls the licensing and regulates the business operations. Restrictions on power to remit debts. Return of paid instruments to customers.