Section 58 of RBI Act : Section 58: Power Of The Central Board To Make Regulations
RBI Act
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Explanation using Example
Imagine a scenario where the Reserve Bank of India (RBI) decides to implement a new system for electronic fund transfers between banks to improve efficiency and security. To do this, the Central Board of the RBI, with approval from the Central Government, issues a notification to create a regulation under Section 58 of the Reserve Bank of India Act, 1934.
This regulation specifies...
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