LawgistAll Acts
Reserve Bank of India Act
An Act to Constitute a Reserve Bank of India.
| Act Id | 193402 |
| Act Number | 02 |
| Enactment Date | 1934-03-06 |
| Act Year | 1934 |
| Ministry | Ministry of Finance |
| Enforcement Date | 06-03-1934 |
- PRELIMINARY
- INCORPORATION, CAPITAL, MANAGEMENT AND BUSINESS
- 3 Establishment and incorporation of Reserve Bank
- 4 Capital of the Bank
- 5 [Omitted.]
- 6 Offices, branches and agencies
- 7 Management
- 8 Composition of the Central Board, and term of office of Directors
- 9 Local Boards, their constitution and functions
- 10 Disqualifications of Directors and members of Local Boards
- 11 Removal from and vacation of office
- 12 Casual vacancies and absences
- 13 Meetings of the Central Board
- 14 [Omitted.]
- 15 [Omitted.]
- 16 [Omitted.]
- 17 Business which the Bank may transact
- 18 Power of direct discount
- 18A Validity of loan or advance not to be questioned
- 19 Business which the Bank may not transact
- CENTRAL BANKING FUNCTIONS
- 20 Obligation of the Bank to transact Government business
- 20A [Omitted.]
- 21 Bank to have the right to transact Government business in India
- 21A Bank to transact Government business of States on agreement
- 21B Effect of agreements made between the Bank and certain States before the 1st November, 1956
- 22 Right to issue bank notes
- 23 Issue Department
- 24 Denominations of notes
- 25 Form of bank notes
- 26 Legal tender character of notes
- 26A Certain bank notes to cease to be legal tender
- 27 Re-issue notes
- 28 Recovery of notes lost, stolen, mutilated or imperfect
- 28A Issue of special bank notes and special one rupee notes in certain cases
- 29 Bank exempt from stamp duty on bank notes
- 30 Powers of Central Government to supersede Central Board
- 31 Issue of demand bills and notes
- 32 [Omitted.]
- 33 Assets of the Issue Department
- 34 Liabilities of Issue Department
- 35 [Omitted.]
- 36 [Omitted.]
- 37 Suspension of assets requirements as to foreign securities
- 38 Obligations of Government and the Bank in respect of rupee coin
- 39 Obligation to supply different forms of currency
- 40 Transactions in foreign exchange
- 41A [Omitted.]
- 42 Cash reserves of scheduled banks to be kept with the Bank
- 43 Publication of consolidated statement by the Bank
- 43A Protection of action taken in good faith
- 44 [Omitted.]
- 45 Appointment of agents
- COLLECTION AND FURNISHING OF CREDIT INFORMATION
- PROVISIONS RELATING TO NON-BANKING INSTITUTIONS RECEIVING DEPOSITS AND FINANCIAL INSTITUTIONS
- 45H Chapter IIIB not to apply in certain cases
- 45-I Definitions
- 45-IA Requirement of registration and net owned fund
- 45-IB Maintenance of percentage of assets
- 45-IC Reserve fund
- 45-ID Power of Bank to remove directors from office
- 45-IE Supersession of Board of directors of non-banking financial company (Other than Government Company)
- 45J Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money
- 45JA Power of Bank to determine policy and issue directions
- 45K Power of Bank to collect information from non - banking institutions as to deposits and to give directions
- 45L Power of Bank to call for information from financial institutions and to give directions
- 45M Duty of non-banking institutions to furnish statements, etc., required by Bank
- 45MA Powers and duties of auditors
- 45MAA Power to take action against auditors
- 45MB Power of Bank to prohibit acceptance of deposit and alienation of assets
- 45MBA Resolution of non-banking financial company
- 45MC Power of Bank to file winding up petition
- 45N Inspection
- 45NA Deposits not to be solicited by unauthorised person
- 45NAA Power in respect of group companies
- 45NB Disclosure of information
- 45NC Power of Bank to exempt
- 45-O Omitted.
- 45P [Omitted.]
- 45Q Chapter IIIB to override other laws
- 45QA Power of Company Law Board to offer repayment of deposit
- 45QB Nomination by depositors
- PROHINITION OF ACCEPTANCE OF DEPOSITS BY UNINCORPORATED BODIES
- REGULATION OF TRANSACTIONS IN DERIVATIVES, MONEY MARKET INSTRUMENTS, SECURITIES, ETC.
- JOINT MECHANISM
- MONETARY POLICY
- 45Z Provisions of this Chapter to override other provisions of Act
- 45ZA Inflation target
- 45ZB Constitution of Monetary Policy Committee
- 45ZC Eligibility and selection of Members appointed by Central Government
- 45ZD Terms and conditions of appointment of Members of Monetary Policy Committee
- 45ZE Removal of Members of Monetary Policy Committee
- 45ZF Vacancies, etc., not to invalidate proceedings of Monetary Policy Committee
- 45ZG Secretary to Monetary Policy Committee
- 45ZH Information for Monetary Policy Committee Members
- 45Z-I Meetings of Monetary Policy Committee
- 45ZJ Steps to be taken to implement decision of Monetary Policy Committee
- 45ZK Publication of decisions
- 45ZL Publication of proceedings of meeting of Monetary Policy Committee
- 45ZM Monetary Policy Report
- 45ZN Failure to maintain inflation target
- 45ZO Power to make rules
- GENERAL PROVISIONS
- 46 Contribution by Central Government to the Reserve Fund
- 46A Contribution to National Rural Credit (Long Term Operations) Fund and Nation al Rural Credit (Stabilisation) Fund
- 46C National Industrial Credit (Long Term Operations) Fund
- 46D National Housing Credit (Long Term Operations) Fund
- 47 Allocation of surplus profits
- 48 Exemption of Banks from income-tax and super-tax
- 49 Publication of Bank rate
- 50 Auditors
- 51 Appointment of special auditors by Government
- 52 Powers and duties of auditors
- 53 Returns
- 54 Rural Credit and Development
- 54A Delegation of powers
- 54AA Power of Bank to depute its employees to other institutions
- 55 [Omitted.]
- 56 [Omitted.]
- 57 Liquidation of the Bank
- 58 Power of the Central Board to make regulations
- 58A Protection of action taken in good faith
- PENALTIES
