LawgistThe Banking Regulation Act
49ARestriction on acceptance of deposits withdrawable by cheque
1[49A. Restriction on acceptance of deposits withdrawable by cheque.--No person other than a banking company, the Reserve Bank, the State Bank of India or any other 2[banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank] shall accept from the public deposits of money withdrawable by cheque:
Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.]
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1. Ins. by Act 33 of 1959, s. 35 (w.e.f. 1-10-1959).
2. Subs. by Act 55 of 1963, s. 28, for certain words (w.e.f. 1-2-1964).
MISCELLANEOUS
- 46 Penaltie
- 46A Chairman, director, etc., to be public servants for the purposes of Chapter IX of the Indian Penal Code
- 47 Cognizance of offences
- 47A Power of Reserve Bank to impose penalt
- 48 Application of fines
- 49 Special provisions for private banking companies
- 49A Restriction on acceptance of deposits withdrawable by cheque
- 49B Change of name by a banking company
- 49C Alteration of memorandum of a banking company
- 50 Certain claims for compensation barre
- 51 Application of certain provisions to the State Bank of India and other notified banks
- 52 Power of Central Government to make rules
- 53 Power to exempt in certain cases
- 54 Protection of action taken under Act
- 55 Amendment of Act 2 of 1934
- 55A Power to remove difficultie
