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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).