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
INCORPORATION, CAPITAL, MANAGEMENT AND BUSINESS
- 3Establishment and incorporation of Reserve Bank
- 4Capital of the Bank
- 5[Omitted.]
- 6Offices, branches and agencies
- 7Management
- 8Composition of the Central Board, and term of office of Directors
- 9Local Boards, their constitution and functions
- 10Disqualifications of Directors and members of Local Boards
- 11Removal from and vacation of office
- 12Casual vacancies and absences
- 13Meetings of the Central Board
- 14[Omitted.]
- 15[Omitted.]
- 16[Omitted.]
- 17Business which the Bank may transact
- 18Power of direct discount
- 18AValidity of loan or advance not to be questioned
- 19Business which the Bank may not transact
CENTRAL BANKING FUNCTIONS
- 20Obligation of the Bank to transact Government business
- 20A[Omitted.]
- 21Bank to have the right to transact Government business in India
- 21ABank to transact Government business of States on agreement
- 21BEffect of agreements made between the Bank and certain States before the 1st November, 1956
- 22Right to issue bank notes
- 23Issue Department
- 24Denominations of notes
- 25Form of bank notes
- 26Legal tender character of notes
- 26ACertain bank notes to cease to be legal tender
- 27Re-issue notes
- 28Recovery of notes lost, stolen, mutilated or imperfect
- 28AIssue of special bank notes and special one rupee notes in certain cases
- 29Bank exempt from stamp duty on bank notes
- 30Powers of Central Government to supersede Central Board
- 31Issue of demand bills and notes
- 32[Omitted.]
- 33Assets of the Issue Department
- 34Liabilities of Issue Department
- 35[Omitted.]
- 36[Omitted.]
- 37Suspension of assets requirements as to foreign securities
- 38Obligations of Government and the Bank in respect of rupee coin
- 39Obligation to supply different forms of currency
- 40Transactions in foreign exchange
- 41A[Omitted.]
- 42Cash reserves of scheduled banks to be kept with the Bank
- 43Publication of consolidated statement by the Bank
- 43AProtection of action taken in good faith
- 44[Omitted.]
- 45Appointment of agents
COLLECTION AND FURNISHING OF CREDIT INFORMATION
PROVISIONS RELATING TO NON-BANKING INSTITUTIONS RECEIVING DEPOSITS AND FINANCIAL INSTITUTIONS
- 45HChapter IIIB not to apply in certain cases
- 45-IDefinitions
- 45-IARequirement of registration and net owned fund
- 45-IBMaintenance of percentage of assets
- 45-ICReserve fund
- 45-IDPower of Bank to remove directors from office
- 45-IESupersession of Board of directors of non-banking financial company (Other than Government Company)
- 45JBank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money
- 45JAPower of Bank to determine policy and issue directions
- 45KPower of Bank to collect information from non - banking institutions as to deposits and to give directions
- 45LPower of Bank to call for information from financial institutions and to give directions
- 45MDuty of non-banking institutions to furnish statements, etc., required by Bank
- 45MAPowers and duties of auditors
- 45MAAPower to take action against auditors
- 45MBPower of Bank to prohibit acceptance of deposit and alienation of assets
- 45MBAResolution of non-banking financial company
- 45MCPower of Bank to file winding up petition
- 45NInspection
- 45NADeposits not to be solicited by unauthorised person
- 45NAAPower in respect of group companies
- 45NBDisclosure of information
- 45NCPower of Bank to exempt
- 45-OOmitted.
- 45P[Omitted.]
- 45QChapter IIIB to override other laws
- 45QAPower of Company Law Board to offer repayment of deposit
- 45QBNomination by depositors
PROHINITION OF ACCEPTANCE OF DEPOSITS BY UNINCORPORATED BODIES
REGULATION OF TRANSACTIONS IN DERIVATIVES, MONEY MARKET INSTRUMENTS, SECURITIES, ETC.
JOINT MECHANISM
MONETARY POLICY
- 45ZProvisions of this Chapter to override other provisions of Act
- 45ZAInflation target
- 45ZBConstitution of Monetary Policy Committee
- 45ZCEligibility and selection of Members appointed by Central Government
- 45ZDTerms and conditions of appointment of Members of Monetary Policy Committee
- 45ZERemoval of Members of Monetary Policy Committee
- 45ZFVacancies, etc., not to invalidate proceedings of Monetary Policy Committee
- 45ZGSecretary to Monetary Policy Committee
- 45ZHInformation for Monetary Policy Committee Members
- 45Z-IMeetings of Monetary Policy Committee
- 45ZJSteps to be taken to implement decision of Monetary Policy Committee
- 45ZKPublication of decisions
- 45ZLPublication of proceedings of meeting of Monetary Policy Committee
- 45ZMMonetary Policy Report
- 45ZNFailure to maintain inflation target
- 45ZOPower to make rules
GENERAL PROVISIONS
- 46Contribution by Central Government to the Reserve Fund
- 46AContribution to National Rural Credit (Long Term Operations) Fund and Nation al Rural Credit (Stabilisation) Fund
- 46CNational Industrial Credit (Long Term Operations) Fund
- 46DNational Housing Credit (Long Term Operations) Fund
- 47Allocation of surplus profits
- 48Exemption of Banks from income-tax and super-tax
- 49Publication of Bank rate
- 50Auditors
- 51Appointment of special auditors by Government
- 52Powers and duties of auditors
- 53Returns
- 54Rural Credit and Development
- 54ADelegation of powers
- 54AAPower of Bank to depute its employees to other institutions
- 55[Omitted.]
- 56[Omitted.]
- 57Liquidation of the Bank
- 58Power of the Central Board to make regulations
- 58AProtection of action taken in good faith
PENALTIES