The Reserve Bank of India Act, 1934
CHAPTER I: PRELIMINARY
Section 2: Definitions
Bare Act
In this Act, unless there is anything repugnant in the subject or context, -
- (aii) the Bank means the Reserve Bank of India constituted by this Act;
- (aiii) Bank for International Settlements means by body corporate established with the said name under the law of Switzerland in pursuance of an agreement dated the 20th January, 1930, signed at The Hague;
- (b) the Central Board means the Central Board of Directors of the Bank;
- (bva) Consumer Price Index means the Consumer Price Index Combined published by the Government of India from time to time;
- (bvi) Deposit Insurance Corporation means the Deposit Insurance Corporation established under section 3 of… Read the complete text with KanoonGPT Pro.
Simplified Act
This section defines various terms used throughout the Act:
- the Bank refers to the Reserve Bank of India, which was established by this Act.
- Bank for International Settlements is an organization created under Swiss law following an agreement from January 20, 1930.
- the Central Board is the group of people who direct the Reserve Bank of India.
- Consumer Price Index is a measure of inflation that the In… Read the complete text with KanoonGPT Pro.
Explanation using examples
Imagine a scenario where a business owner is seeking a loan to expand their operations. They approach a scheduled bank, which is a bank listed in the Second Schedule of t… Read the complete text with KanoonGPT Pro.
