The Reserve Bank of India Act, 1934
The Reserve Bank of India Act, 1934 lays down the legal framework for the establishment, governance, and operations of the Reserve Bank of India (RBI), India's central bank.
Summary
The Reserve Bank of India Act, 1934 is an Indian law that establishes the legal framework for the functioning of the Reserve Bank of India (RBI), India's central bank. The Act outlines the roles and responsibilities of the RBI, including regulating the monetary policy of the country, issuing currency, managing foreign exchange reserves, and supervising the banking system. The Act also provides for the constitution of the Central Board of Directors, which is responsible for managing the affairs of the RBI. Additionally, the Act outlines the powers of the RBI, including the power to regulate banks, call for information, and inspect banks. The Act has been amended several times, most recently in 2016, to keep up with changing times and economic realities.
Table of Contents
| # | Section | Link |
|---|---|---|
| 1 | Section 1: Short Title, Extent And Commencement | Open |
| 2 | Section 2: Definitions | Open |
| 3 | Section 3: Establishment And Incorporation Of Reserve Bank | Open |
| 4 | Section 4: Capital Of The Bank | Open |
| 5 | Section 5: [Omitted] | Open |
| 6 | Section 6: Offices, Branches And Agencies | Open |
| 7 | Section 7: Management | Open |
| 8 | Section 8: Composition Of The Central Board, And Term Of Office Of Directors | Open |
| 9 | Section 9: Local Boards, Their Constitution And Functions | Open |
| 10 | Section 10: Disqualifications Of Directors And Members Of Local Boards | Open |
| 11 | Section 11: Removal From And Vacation Of Office | Open |
| 12 | Section 12: Casual Vacancies And Absences | Open |
| 13 | Section 13: Meetings Of The Central Board | Open |
| 14 | Section 14: [Omitted] | Open |
| 15 | Section 15: [Omitted] | Open |