The Banking Regulation Act, 1949
The Banking Regulation Act, 1949 is a key Indian law that regulates the banking sector in India.
Summary
The Banking Regulation Act, 1949 is an Indian law that provides a regulatory framework for the banking sector in India. The Act defines the powers of the Reserve Bank of India (RBI) as the primary regulator of the banking sector and outlines the requirements for establishing and operating banks in India. The Act sets out the provisions for licensing and regulation of banking companies, regulation of paid-up capital and reserves, management and administration of banks, inspection, inquiry, and control over the affairs of banking companies, and penalties for contravention of the Act. The Act has been amended several times to keep pace with the changing banking landscape in India.
Table of Contents
| # | Section | Link |
|---|---|---|
| 1 | Section 1: Short Title, Extent And Commencement | Open |
| 2 | Section 2: Application Of Other Laws Not Barred | Open |
| 3 | Section 3: Act Not To Apply To Certain Co-Operative Societies | Open |
| 4 | Section 4: Power To Suspend Operation Of Act | Open |
| 5 | Section 5: Interpretation | Open |
| 6 | Section 5A: Act To Override Memorandum, Articles, Etc | Open |
| 7 | Section 6: Form Of Business In Which Banking Companies May Engage | Open |
| 8 | Section 7: Use Of Words "Bank", "Banker", "Banking" Or "Banking Company" | Open |
| 9 | Section 8: Prohibition Of Trading | Open |
| 10 | Section 9: Disposal Of Non-Banking Assets | Open |
| 11 | Section 10: Prohibition Of Employment Of Managing Agents And Restrictions On Certain Forms Of Employment | Open |
| 12 | Section 10A: Board Of Directors To Include Persons With Professional Or Other Experience | Open |
| 13 | Section 10B: Banking Company To Be Managed By Whole Time Chairman | Open |
| 14 | Section 10Bb: Power Of Reserve Bank To Appoint Chairman Of The Board Of Directors Appointed On A Whole-Time Basis Or A Managing Director Of A Banking Company | Open |
| 15 | Section 10C: Chairman And Certain Directors Not To Be Required To Hold Qualification Shares | Open |