LawgistThe Reserve Bank of India Act
3Establishment and incorporation of Reserve Bank
1[3. Establishment and incorporation of Reserve Bank.--(1) A bank to be called the Reserve Bank of India shall be constituted for the purposes of taking over the management of the currency from the 2[Central Government] and of carrying on the business of banking in accordance with the provisions of this Act.
(2) The Bank shall be a body corporate by the name of the Reserve Bank of India, having perpetual succession and a common seal, and shall by the said name sue and be sued.
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1. Subs. by Act 62 of 1948, s. 7 and the Schedule, for "SHARE CAPITAL" (w.e.f. 1-1-1949).
2. Subs. by the M.O. 1937, for "G.G. in C.".
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
