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Contents BANKING REGULATION ACT, 1949 PAGE
PART I PRELIMINARY 1. Short title, extent and commencement
1
2. Application of other laws not barred
1
3. Act not to apply to certain co-operative societies
2
4. Power to suspend operation of Act
2
5. Interpretation
2
5A. Act to override memorandum, articles, etc.
10
PART II BUSINESS OF BANKING COMPANIES 6. Forms of business in which banking companies may engage
10
7. Use of words “bank”, “banker”, “banking” or “banking company”
13
8. Prohibition of trading
14
9. Disposal of non-banking assets
15
10. Prohibition of employment of managing agents and restrictions on certain forms of employment
16
10A. Board of directors to include persons with professional or other experience
20
10B. Banking company to be managed by whole-time chairman
22
10BB. Power of Reserve Bank to appoint chairman of the Board of directors appointed on a whole time basis or a managing director of a banking company
25
I-5
CONTENTS
I-6 PAGE
10C. Chairman and certain directors not to be required to hold qualification shares
26
10D. Provisions of sections 10A and 10B to override all other laws, contracts, etc.
26
11. Requirement as to minimum paid-up capital and reserves
26
12. Regulation of paid-up capital, subscribed capital and authorised capital and voting rights of shareholders
29
12A. Election of new directors 12B. Regulation of acquisition of shares or voting rights
30 31
13. Restriction on commission, brokerage, discount, etc., on sale of shares
33
14. Prohibition of charge on unpaid capital
33
14A. Prohibition of floating charge on assets
33
15. Restrictions as to payment of dividend
33
16. Prohibition of common directors
34
17. Reserve fund
35
18. Cash reserve
35
19. Restriction on nature of subsidiary companies
37
20. Restrictions on loans and advances
38
20A. Restriction on power to remit debts
39
21. Power of Reserve Bank to control advances by banking companies
40
21A. Rates of interest charged by banking companies not to be subject to scrutiny by courts
41
22. Licensing of banking companies
41
23. Restrictions on opening of new, and transfer of existing, places of business
43
24. Maintenance of a percentage of assets
44
25. Assets in India
48
26. Return of unclaimed deposits
49
26A. Establishment of Depositor Education and Awareness Fund
49
27. Monthly returns and power to call for other returns and information
50
28. Power to publish information
50
29. Accounts and balance-sheet
51
29A. Power in respect of associate enterprises 30. Audit
52 53
I-7
CONTENTS PAGE
31. Submission of returns
54
32. Copies of balance-sheets and accounts to be sent to Registrar
54
33. Display of audited balance-sheet by companies incorporated outside India
54
34. Accounting provisions of this Act not retrospective
55
34A. Production of documents of confidential nature 35. Inspection
55 56
35A. Power of the Reserve Bank to give directions
58
35AA. Power of Central Government to authorise Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process
58
35AB. Power of Reserve Bank to issue directions in respect of stressed assets
59
35B. Amendments of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Reserve Bank
59
36. Further powers and functions of Reserve Bank 36A. Certain provisions of the Act not to apply to certain banking companies
60 62
PART IIA CONTROL OVER MANAGEMENT 36AA. Power of Reserve Bank to remove managerial and other persons from office
62
36AB. Power of Reserve Bank to appoint additional directors
64
36AC. Part IIA to override other laws
65
PART IIAB SUPERSESSION OF BOARD OF DIRECTORS OF BANKING COMPANY 36ACA. Supersession of Board of Directors in certain cases
65
PART IIB PROHIBITION OF CERTAIN ACTIVITIES IN RELATION TO BANKING COMPANIES 36AD. Punishments for certain activities in relation to banking companies
66
CONTENTS
I-8 PAGE
PART IIC ACQUISITION OF THE UNDERTAKINGS OF BANKING COMPANIES IN CERTAIN CASES 36AE. Power of Central Government to acquire undertakings of banking companies in certain cases
67
36AF. Power of the Central Government to make scheme
69
36AG. Compensation to be given to shareholders of the acquired bank
70
36AH. Constitution of the Tribunal
72
36AI. Tribunal to have powers of a civil court
72
36AJ. Procedure of the Tribunal
73 PART III
SUSPENSION OF BUSINESS AND WINDING UP OF BANKING COMPANIES 36B. High Court defined
73
37. Suspension of business
73
38. Winding up by High Court
74
38A. Court liquidator 39. Reserve Bank to be official liquidator 39A. Application of Companies Act to liquidators
75 76 76
40. Stay of proceedings
77
41. Preliminary report by official liquidator
77
cured 41A. Notice to preferential claimants and secured and unse creditors
77
42. Power to dispense with meetings of creditors, etc.
78
43. Booked depositors’ credits to be deemed proved
78
43A. Preferential payments to depositors 44. Powers of High Court in voluntary winding up
79 81
44A. Procedure for amalgamation of banking companies
82
44B. Restriction on compromise or arrangement between banking company and creditors
83
45. Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstruction or amalgamation
84
I-9
CONTENTS PAGE
PART IIIA SPECIAL PROVISIONS FOR SPEEDY DISPOSAL OF WINDING UP PROCEEDINGS 45A. Part IIIA to override other laws
90
45B. Power of High Court to decide all claims in respect of banking companies 45C. Transfer of pending proceedings
91
45D. Settlement of list of debtors
92
45E. Special provisions to make calls on contributories
93
91
45F. Documents of banking company to be evidence
93
45G. Public examination of directors and auditors
94
quent 45H. Special provisions for assessing damages against delin directors, etc. 45-I. Duty of directors and officers of banking company to assist in the realisation of property 45J. Special provisions for punishing offences in relation to banking companies being wound up 45K. [Omitted by the Banking Companies (Amendment) Act, 1959, w.e.f. 1-10-1959] 45L. Public examination of directors and auditors, etc., in respect of a banking company under schemes of arrangement 45M. Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act 45N. Appeals
95
45-O. Special period of limitation
100
45P. Reserve Bank to tender advice in winding up proceedings
100
45Q. Power to inspect
100
45R. Power to call for returns and information
101
45S. Chief Presidency Magistrate District Magistrate to assist official liquidator in taking charge of property of banking company being wound up 45T. Enforcement of orders and decisions of High Court
101
45U. Power of High Court to make rules
102
45V. References to directors, etc., shall be construed as including references to past directors, etc. 45W. Part II not to apply to banking companies being wound up
103
45X. Validation of certain proceedings
103
95 95 98 98 99
99
102
103
CONTENTS
I-10 PAGE
PART IIIB PROVISIONS RELATING TO CERTAIN OPERATIONS OF BANKING COMPANIES 45Y. Power of Central Government to make rules for the preservation of records 45Z. Return of paid instruments to customers
103 103
45ZA. Nomination for payment of depositors’ money
104
45ZB. Notice of claims of other persons regarding deposits not receivable 45ZC. Nomination for return of articles kept in safe custody with banking company 45ZD. Notice of claims of other persons regarding articles not receivable 45ZE. Release of contents of safety lockers
105
45ZF. Notice of claims of other persons regarding safety lockers not receivable 45ZG. Priority of successive nominations
106
105 105 106
107
PART IV MISCELLANEOUS 46. Penalties
107
46A. Chairman, Director, etc., to be public servants for the purposes of Chapter IX of the Indian Penal Code 47. Cognizance of offences
110
47A. Power of Reserve Bank to impose penalty
112
111
48. Application of fines
113
49. Special provisions for private banking companies
113
49A. Restriction on acceptance of deposits withdrawable by cheque
114
49B. Change of name by a banking company
114
49C. Alteration of memorandum of a banking company
114
50. Certain claims for compensation barred 51. Application of certain provisions to the State Bank of India and other notified banks 51A. Powers of Reserve Bank not to apply to International Financial Services Centre 52. Power of Central Government to make rules 53. Power to exempt in certain cases
114 114 116 116 117
I-11
CONTENTS
PAGE
54. Protection of action taken under Act
118
55. Amendment of Act 2 of 1934
118
55A. Power to remove difficulties
118
PART V APPLICATION OF THE ACT TO CO-OPERATIVE BANKS 56. Act to apply to co-operative societies subject to modifications
119
FIRST SCHEDULE: Amendments
147
SECOND SCHEDULE: [Repealed by the Repealing and Amending Act, 1957, w.e.f. 17-9-1957]
150
THIRD SCHEDULE: Form of Balance Sheet
150
FOURTH SCHEDULE: List of Debtors
162
FIFTH SCHEDULE: Principles of Compensation
162
SUBJECT INDEX
167
BANKING REGULATION (COMPANIES) RULES, 1949 1. Short title, extent and commencement
175
2. Interpretation
175
2A. Application of rules to State Bank of India, subsidiary banks, corresponding new banks and Regional Rural Banks
177
3. Submission of returns
177
4. List of officers
178
5. [Omitted by the Banking Regulation (Companies) Amendment Rules, 1985, w.e.f. 29-3-1985]
178
5A. Determination of the Directors who are to cease to hold office
178
6. Deposits
179
7. Withdrawals of deposits
179
8. Changes in deposits
179
9. Maturing of security deposits
180
10. Interest on deposits
180
10A. [Omitted by the Banking Regulation (Companies) Amendment Rules, 1975, w.e.f. 15-11-1975]
180
11. Licensing of banking companies
180
12. Opening of new places of business
180
13. List of offices
180
CONTENTS
I-12 PAGE
13A. Return under sections 18 and 24 14. Publication of approved currencies and securities
181 181
14A. Return under sections 25 and 27
181
14B. Return under section 26
181
15. Manner of publication of accounts and balance sheet
181
15A.
181
15B. Manner of holding inquiries
182
16. Power to exempt in certain cases
182
FORM I : [ Omitted by the Banking Regulation (Companies) Amendment Rules, 1985, w.e.f. 29-3-1985]
183
FORM II :
183
FORM III : F orm of Application for a licence to commence Banking business by a company incorporated in India and desiring to commence banking business
183
FORM IV : Form of Application for a Licence to Carry on Banking Business by a Company Incorporated in India and in Existence on the Commencement of the Act
185
FORM V : F orm of Application for a Licence to Commence/Carry on Banking Business in India by a Banking Company Incorporated outside India
187
FORM VI : F orm of Application for Permission to Open a New Place of Business or Change the Location (Otherwise than within the same City, Town or Village) of an Existing Place of Business under section 23 of the Act
189
FORM VII :
192
FORM VIII : S tatement of Demand and Time Liabilities and Cash, Gold and Unencumbered Approved Securities for the Month of
192
FORM IX : R eturn of Unclaimed Deposit Accounts in India which have not been Operated upon for 10 Years or More as on the Date of the Return as on the 31st December
196
FORM X : L iabilities and Assets in India of Commercial Banks as on the last Friday of the Month ..... of 20......
197
FORM XI :
200
I-13
CONTENTS PAGE
BANKING COMPANIES (NOMINATION) RULES,2025 1. Short title and commencement
202
2. Nomination in respect of deposits
202
3. Nomination in respect of articles in safe custody
204
4. Nomination in respect of safety lockers
204
NOMINATION FORM : F orm for nomination, cancellation of nomination and variation of nomination in respect of the bank deposits, articles in safe custody and safety lockers
204
BANKING COMPANIES (PERIOD OF PRESERVATION OF RECORDS) RULES, 1985 u
Banking Companies (Period of Preservation of Records) Rules, 1985
207
BANKING REGULATION (CO-OPERATIVE SOCIETIES) RULES, 1966 1. Short title and commencement
210
2. Definitions
210
3. Submission of returns
211
4. List of Officers
212
5. Form of statement of liabilities and cash reserve and other assets
212
6. Licensing of co-operative societies
212
7. Opening of new places of business
213
8.
213
9. Other returns
213
10. Manner of publication of accounts and balance-sheet
213
11. Manner of holding inquiries
214
12. Banking Companies Rules, 1949, not to apply
215
FORM I :
215
FORM II :
219
CONTENTS
I-14 PAGE
FORM IIIA: F orm of Application for a Licence to Commence Banking Business by a Co-operative Society Registered in India with the Object of Commencing Banking Business as a Primary Co-operative Bank
220
FORM IIIB : F orm of Application for a Licence to Commence Banking Business by a Co-operative Society Registered in India with the Object of Commencing Banking Business as a Central Co-operative Bank
224
FORM IIIC : F orm of Application for a Licence to Commence Banking Business by a Co-operative Society Registered in India with the Object of Commencing Banking Business as a State Co-operative Bank
227
FORM IV : F orm of Application for a Licence to Carry on Banking Business by a Co-operative Society which was Carrying on Business as a Co-operative Bank at the Commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965 (23 of 1965), or by a Co-operative Bank which has Come into Existence as a result of the Division of any other Co-operative Society Carrying on Business as Co-operative Bank or the Amalgamation of Two or more Co-operative Societies Carrying on Banking Business or by a primary Credit Society which Becomes a Primary Co-operative Bank after Such Commencement
231
FORM V : F orm of Application for permission to open a new Place of Business or change the Location (Otherwise than within the same City, Town or Village) of an existing place of Business under section 23 of the Act
233
FORM VI:
236
FORM VII:
237
FORM VIII : R eturn of Unclaimed Deposit Accounts in India which have not been Operated upon for Ten Years or more as on the date of the Return
237
FORM IX: Statement Showing the Assets and Liabilities in India as at the Clause of Business
238
CO-OPERATIVE BANKS (PERIOD OF PRESERVATION OF RECORDS) RULES, 1985 u
Co-Operative Banks (Period of Preservation of Records) Rules, 1985
243
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CONTENTS PAGE
RESERVE BANK - INTEGRATED OMBUDSMAN SCHEME, 2021 CHAPTER I PRELIMINARY 1. Short Title, Commencement, Extent and Application
246
2. Suspension of the Scheme
246
3. Definitions
246 CHAPTER II
OFFICES UNDER THE RESERVE BANK - INTEGRATED OMBUDSMAN SCHEME, 2021 4. Appointment and Tenure of Ombudsman and Deputy Ombudsman
248
5. Location of the Office of the Ombudsman
248
6. Establishment of a Centralised Receipt and Processing Centre
248
7. Staffing of the Offices of Ombudsman and Centralised Receipt and Processing Centre
248
CHAPTER III POWERS AND FUNCTIONS OF THE OMBUDSMAN 8. Powers and Functions
249 CHAPTER IV
PROCEDURE FOR REDRESSAL OF GRIEVANCE UNDER THE SCHEME 9. Grounds of Complaint
249
10. Grounds for non-maintainability of a Complaint
249
11. Procedure for Filing a Complaint
250
12. Initial Scrutiny of Complaints
251
13. Power to Call for Information
251
14. Resolution of Complaints
251
15. Award by the Ombudsman
252
16. Rejection of a Complaint
253
CONTENTS
I-16 PAGE
17. Appeal before the Appellate Authority
254
18. Regulated Entity to Display Salient Features of the Scheme for Knowledge of the Public
255
CHAPTER V MISCELLANEOUS 19. Removal of Difficulties
255
20. Repeal of the Existing Schemes and Application to Pending Proceedings
255
ANNEX: Form of Complaint (to be lodged) with the Ombudsman
256
Banking Regulation Act, 1949 [10 OF 1949]
[AS AMENDED BY BANKING LAWS (AMENDMENT) ACT, 2025]
An Act to consolidate and amend the law relating to banking 1[***]. Whereas it is expedient to consolidate and amend the law relating to banking 1[***]; It is hereby enacted as follows:— PART I PRELIMINARY
Short title, extent and commencement. 1. (1) This Act may be called the Banking 2[Regulation] Act, 19493. [(2) It extends to the whole of India 5[***].]
4
(3) It shall come into force on such date5a as the Central Government may, by notification in the Official Gazette, appoint in this behalf. Application of other laws not barred. 2. The provisions of this Act shall be in addition to, and not, save as hereinafter expressly provided, in derogation of the 6[Companies Act, 1956 (1 of 1956)], and any other law for the time being in force.
1. Word “companies” omitted by the Banking Laws (Application to Co-operative Societies) Act, 1965, w.e.f. 1-3-1966. 2. Substituted for “Companies”, ibid. 3. Dated 10-3-1949. This Act has been extended to Dadra and Nagar Haveli by Regulation 6 of 1963 (w.e.f. 1-71965) and to Goa, Daman and Diu by Regulation 11 of 1963. Nothing in this Act (Except section 34A) shall apply to the Industrial Development Bank of India vide section 34 of the Industrial Development Bank of India Act, 1964 (18 of 1964). 4. Substituted by the Banking Companies (Amendment) Act, 1950, w.e.f. 18-3-1950. 5. Words “except the State of Jammu and Kashmir” omitted by the Jammu and Kashmir (Extension of Laws) Act, 1956, w.e.f. 1-11-1956. 5a. Enforced with effect from 16-9-1949. 6. Substituted for “Indian Companies Act, 1913 (VII of 1913)” by the Banking Companies (Amendment) Act, 1956, w.e.f. 14-1-1957.
1
S. 5
BANKING REGULATION ACT, 1949
2
[Act not to apply to certain co-operative societies.
7
3. Notwithstanding anything contained in the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981), this Act shall not apply to–– (a) a primary agricultural credit society; or (b) a co-operative society whose primary object and principal business is providing of long-term finance for agricultural development, if such society does not use as part of its name, or in connection with its business, the words “bank”, “banker” or “banking” and does not act as drawee of cheques.] Power to suspend operation of Act. 4. (1) The Central Government, if on a representation made by the Reserve Bank in this behalf it is satisfied that it is expedient so to do, may by notification in the Official Gazette suspend for such period, not exceeding sixty days, as may be specified in the notification, the operation of all or any of the provisions of this Act, either generally or in relation to any specified banking company. (2) In a case of special emergency, the Governor of the Reserve Bank, or in his absence a Deputy Governor of the Reserve Bank nominated by him in this behalf may, by order in writing, exercise the powers of the Central Government under sub-section (1) so however that the period of suspension shall not exceed thirty days, and where the Governor or the Deputy Governor, as the case may be, does so, he shall report the matter to the Central Government forthwith, and the order shall, as soon as may be, be published in the Gazette of India. (3) The Central Government may, by notification in the Official Gazette, extend from time to time the period of any suspension ordered under sub-section (1) or sub-section (2) for such period, not exceeding sixty days at any one time, as it thinks fit so however that the total period does not exceed one year. (4) A copy of any notification issued under sub-section (3) shall be laid on the table of 8[Parliament] as soon as may be after it is issued. Interpretation. 5. 9[In this Act], unless there is anything repugnant in the subject or context,—
7. Substituted by the Banking Regulation (Amendment) Act, 2020, w.r.e.f. 26-6-2020. Prior to its substitution, section 3, as substituted by the Banking Companies (Amendment) Act, 1950, w.e.f. 18-3-1950 and the Banking Laws (Application to Co-operative Societies) Act, 1965, w.e.f. 1-3-1966, read as under: “3. Act to apply to co-operative societies in certain cases.—Nothing in this Act shall apply to— (a) a primary agricultural credit society; (b) a co-operative land mortgage bank; and (c) any other co-operative society, except in the manner and to the extent specified in Part V.” 8. Substituted for “the Dominion Legislature” by the Adaptation of Laws Order, 1950, w.e.f. 26-1-1950. 9. Substituted for “(1) In this Act” by the Banking Laws (Miscellaneous Provisions) Act, 1963, w.e.f. 1-2-1964.
3
BANKING REGULATION ACT, 1949
S. 5
[(a) “approved securities” means the securities issued by the Central Government or any State Government or such other securities as may be specified by the Reserve Bank from time to time;]
10
(b) “banking” means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise; (c) “banking company” means any company which transacts the business of banking 11[in India.] Explanation.—Any company which is engaged in the manufacture of goods or carries on any trade and which accepts deposits of money from the public merely for the purpose of financing its business as such manufacturer or trader shall not be deemed to transact the business of banking within the meaning of this clause; 12 [(ca) “banking policy” means any policy which is specified from time to time by the Reserve Bank in the interest of the banking system or in the interest of monetary stability or sound economic growth, having due regard to the interests of the depositors, the volume of deposits and other resources of the bank and the need for equitable allocation and the efficient use of these deposits and resources;] 13 [(cc) “branch” or “branch office”, in relation to a banking company, means any branch or branch office, whether called a pay office or sub-pay office or by any other name, at which deposits are received, cheques cashed or moneys lent, and for the purposes of section 35 includes any place of business where any other form of business referred to in sub-section (1) of section 6 is transacted;] 14 [(d) “company” means any company as defined in section 3 of the Companies Act, 1956 (1 of 1956); and includes a foreign company within the meaning of section 591 of that Act;] 15 [(da) “corresponding new bank” means a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980);]
10. Substituted by the Banking Laws (Amendment) Act, 2012, w.e.f. 18-1-2013. Prior to its substitution, clause (a), as amended by the Banking Laws (Amendment) Act, 1983, w.e.f. 15-2-1984, read as under: ‘(a) “approved securities” means— (i) securities in which a trustee may invest money under clause (a), clause (b), clause (bb), clause (c) or clause (d) of section 20 of the Indian Trusts Act, 1882 (2 of 1882); (ii) such of the securities authorised by the Central Government under clause (f) of section 20 of the Indian Trusts Act, 1882 (2 of 1882), as may be prescribed;’ 11. Substituted for “in any State” by the Banking Companies (Amendment) Act, 1950, w.e.f. 18-3-1950. 12. Inserted by the Banking Laws (Amendment) Act, 1968, w.e.f. 1-2-1969. 13. Inserted by the Banking Companies (Amendment) Act, 1959, w.e.f. 1-10-1959. 14. Substituted, ibid. 15. Inserted by the Banking Laws (Amendment) Act, 1983, w.e.f. 15-2-1984.
S. 5
BANKING REGULATION ACT, 1949
4
(e) 16[***] (f) “demand liabilities” means liabilities which must be met on demand, and “time liabilities” means liabilities which are not demand liabilities; 17 [(ff) “Deposit Insurance Corporation” means the Deposit Insurance Corporation established under section 3 of the Deposit Insurance Corporation Act, 1961 (47 of 1961);] 18 [(ffa) 19[***] (ffb) “Exim Bank” means the Export-Import Bank of India established under section 3 of the Export-Import Bank of India Act, 1981 (28 of 1981);] [(ffc) “Reconstruction Bank” means the Industrial Reconstruction Bank of India established under section 3 of the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984);]
20
[(ffd) “National Housing Bank” means the National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987);]
21
(g) “gold” includes gold in the form of coin, whether legal tender or not, or in the form of bullion or ingot, whether refined or not; [(gg) “managing agent” includes,—
22
(i) secretaries and treasurers, (ii) where the managing agent is a company, any director of such company, and any member thereof who holds substantial interest in such company, (iii) where the managing agent is a firm, any partner of such firm;] [(h) “managing director”, in relation to a banking company, means a director who, by virtue of an agreement with the banking company or of a resolution passed by the banking company in general meeting or by its Board of directors or, by virtue of its memorandum or articles of association, is entrusted with the management of the whole, or substantially the whole of the affairs of the company, and includes a director occupying the position of a managing director, by whatever name called:]
23
24 [Provided that the managing director shall exercise his powers subject to the superintendence, control and direction of the Board of directors;]
16. Omitted by the Banking Companies (Amendment) Act, 1953, w.e.f. 30-12-1953. 17. Inserted by the Deposit Insurance Corporation Act, 1961, w.e.f. 1-1-1962. 18. Clauses (ffa) and (ffb) inserted by the Banking Laws (Amendment) Act, 1983, w.e.f. 15-2-1984. 19. Omitted by the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003, w.e.f. 2-7-2004. Prior to its omission, clause (ffa) read as under: ‘(ffa) “Development Bank” means the Industrial Development Bank of India established under section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964);’ 20. Inserted by the Industrial Reconstruction Bank of India Act, 1984, w.e.f. 20-3-1985. 21. Inserted by the National Housing Bank Act, 1987, w.e.f. 9-7-1988. 22. Inserted by the Banking Laws (Amendment) Act, 1968, w.e.f. 1-2-1969. Earlier clause (gg) was inserted by the Banking Companies (Amendment) Act, 1950, w.e.f. 18-3-1950 and later on clause (gg) was omitted by the Jammu and Kashmir (Extension of Laws) Act, 1956, w.e.f. 1-11-1956. 23. Substituted by the Banking Companies (Amendment) Act, 1959, w.e.f. 1-10-1959. 24. Inserted by the Banking Laws (Amendment) Act, 1968, w.e.f. 1-2-1969.
BANKING REGULATION ACT 1949 WITH RULES – BARE ACT WITH SECTION NOTES AUTHOR : PUBLISHER : DATE OF PUBLICATION : EDITION : ISBN NO : NO. OF PAGES : BINDING TYPE :
Taxmann's Editorial Board Taxmann December 2025 2026 Edition 9789371265928 280 Paperback
Rs. 375 DESCRIPTION Banking Regulation Act 1949 with Rules [Bare Act with Section Notes] by Taxmann is a concise, practice-oriented statutory compilation of India's principal banking legislation, presented in a clear Bare Act with Section Notes format. The 2026 Edition incorporates the Act as amended (including amendments up to the Banking Laws (Amendment) Act 2025) and facilitates accurate day-to-day interpretation through section-wise editorial notes and selective judicial references placed alongside the statutory text. This book is intended for the following audience: • Banking & Financial Services Professionals • Advocates, Law Firms & In-house Counsels • Chartered Accountants, Company Secretaries & Auditors • Students & Academicians The Present Publication is the 2026 Edition, covering the amended and updated text of the Banking Regulation Act [Act No. 10 of 1949] and Rules, with the following noteworthy features: • [Bare Act with Section Notes] Statutory provisions supplemented with concise, section-wise explanatory notes clarifying definitions, scope, and operational meaning • [Pre-amendment Provisions] Earlier versions of amended provisions are reproduced in footnotes to aid understanding of the legal position before amendment • [Curated Case-law Integration] Select judicial principles incorporated at relevant provisions to support practical interpretation • [Compliance-focused Organisation] Part-wise arrangement covering licensing, governance, RBI control and directions, inspection, returns, winding-up, reconstruction/amalgamation, and applicability to co-operative banks • [Allied Rules & Practical Forms] Compilation of relevant rules, schemes, and prescribed forms/returns for direct statutory application • [Reference Utility] Extensive cross-references for ease of navigation and legal research
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