Section 49B of BRA : Section 49B: Change Of Name By A Banking Company

Explanation using Example

Imagine that 'XYZ Bank', a well-established banking company, wants to rebrand itself as 'ABC Bank'. Before proceeding with this change of name, the bank must first seek approval from the Central Government as per the Companies Act. However, under Section 49B of the Banking Regulation Act, 1949, the bank must also obtain a certification from the Reserve Bank of India (RBI) stating that the RBI has no objection to the proposed name change. If the RBI has concerns about the name change possibly being misleading or causing confusion with another financial institution, it may withhold its certification. Only after receiving this certification can XYZ Bank present it to the Central Government to get the final approval for changing its name to ABC Bank.