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The Reserve Bank of India Act
`1934
An Act to Constitute a Reserve Bank of India.
List of Chapters & Sections
PRELIMINARY
INCORPORATION, CAPITAL, MANAGEMENT AND BUSINESS
CENTRAL BANKING FUNCTIONS
COLLECTION AND FURNISHING OF CREDIT INFORMATION
PROVISIONS RELATING TO NON-BANKING INSTITUTIONS RECEIVING DEPOSITS AND FINANCIAL INSTITUTIONS
PROHINITION OF ACCEPTANCE OF DEPOSITS BY UNINCORPORATED BODIES
REGULATION OF TRANSACTIONS IN DERIVATIVES, MONEY MARKET INSTRUMENTS, SECURITIES, ETC.
JOINT MECHANISM
MONETARY POLICY
GENERAL PROVISIONS
PENALTIES
PRELIMINARY
1
Short title, extent and commencement
2
Definitions
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
45A
Definitions
45B
Power of Bank to collect credit information
45C
Power to call for returns containing credit information
45D
Procedure for furnishing credit information to banking companies
45E
Disclosure of information prohibited
45F
Certain claims for compensation barred
45G
[Omitted.]
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
45R
Interpretation
45S
Deposits not to be accepted in certain cases
45T
Power to issue search warrants
REGULATION OF TRANSACTIONS IN DERIVATIVES, MONEY MARKET INSTRUMENTS, SECURITIES, ETC.
45U
Definitions
45V
Transactions in derivatives
45W
Power to regulate transactions in derivatives, money market instruments, etc
45X
Duty to comply with directions and furnish information
JOINT MECHANISM
45Y
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
58B
Penalties
58C
Offences by companies
58D
Application of section 58B barred
58E
Cognizance of offences
58F
Application of fine
58G
Power of Bank to impose fine
59
[Repealed.]
60
[Repealed.]
61
[Repealed.]