Section 9 of RBI Act : Section 9: Local Boards, Their Constitution And Functions

Explanation using Example

Imagine a scenario where the Reserve Bank of India (RBI) needs to consider regional economic issues in different parts of India. To address this, the RBI, under Section 9 of the Reserve Bank of India Act, 1934, sets up Local Boards for the North, South, East, and West zones of the country, as specified in the First Schedule of the Act.

Each Local Board is composed of five experts appointed by the Central Government, with a mix of individuals representing the various economic sectors, including cooperative and indigenous banking interests. For instance, the Southern L...

Login to access all pages and read more content.

To disable ads and read rest of the premium content, subscribe to KanoonGPT Pro.