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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Babu Rao And Ors.
Provided that nothing in this sub-section shall apply to—. Power of Reserve Bank to appoint additional Directors.
Special provisions for assessing damages against delinquent Directors, etc. Axt of a percentage of assets. Monthly returns and power to call for other returns and information.
Banking Regulation Act, 1949
Display of audited balance-sheet by companies incorporated outside India. An Act to consolidate and amend the law relating to banking. Restrictions on opening of new, and transfer of aads, places of business.
Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation. Enforcement of orders and decisions of High Court. Tribunal to have powers of a civil court. Restriction on commission, aacx, discount, etc.
Power of the Reserve Bank to give directions. Further powers and functions of Reserve Bank.
Banking Regulation Act, – Wikipedia
Public examination of Directors and Auditors. It is applicable in jammu and kashmir from Application of other laws not barreds. India and International Law: Power of Reserve Bank to appoint Chairman of a banking company.
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Section 11 in BANKING REGULATION ACT,
Return of unclaimed deposits. Power to call for returns and information. Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up. Licensing of banking companies. Requirement as to minimum paid-up capital and reserves. Preferential payments to depositors.
Form and business in which banking companies may engage. Public examination of Directors and 1994, etc. Release of contents of safety lockers. Reserve Bank to be official liquidator. Part II not to apply to banking companies being wound up.
Compensation to be given to shareholders of the acquired bank. Provided that nothing in clause b shall apply to the grant of unsecured loans or advances— a made by a co-operative bank—. Power to publish information.
Provided that nothing in clause b of sub-section 1 shall be deemed to prohibit—. References to Directors, etc. Nomination b payment of depositors’ money. Restrictions as to payment of dividend. Power to dispense with meetings of creditors, etc. Power to remove difficulties. Preliminary report by official liquidator. Special period of limitation.
Act to override bye-laws, etc. Documents of banking company to be evidence. Disposal of non-banking assets. Cooperative banks, which operate only in one state, are formed and run by the state government. Amendment of Act 2 of Provided also that the Reserve Bank may, acf 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 the interests of the depositors of the co-operative bank.
But, RBI controls the licensing and regulates the business operations. But, it was amended to make it applicable to cooperative banks and to introduce other changes. Change of name by banking company.