Lawgist45NInspection
1[(1) The Bank may, at any time, cause an inspection to be made by one or more of its officers or employees or other persons (hereafter in this section referred to as the inspecting authority)--
(i) of any non-banking institution, including a financial institution, for the purposes of verifying the correctness or completeness of any statement, information or particulars furnished to the Bank or for the purpose of obtaining any information or particulars which the non-banking institution has failed to furnish on being called upon to do so; or
(ii) of any non-banking institution being a financial institution, if the Bank considers it necessary or expedient to inspect that institution.]
(2) It shall be the duly of every director or member of any committee or other body for the time being vested with the management of the affairs of the non-banking institution or other officer or employee thereof to produce to the inspecting authority all such books, accounts and other documents in his custody or power and to furnish that authority with any statements and information relating to the business of the institution as that authority may require of him, within such time as may be specified by that authority.
(3) The inspecting authority may examine on oath any director or member of any committee or body for the time being vested with the management of the affairs of the non-banking institution or other officer or employee thereof, in relation to its business and may administer an oath accordingly.
Download our fully-offline, High speed android app.- Click here
1. Subs. by Act 51 of 1974, s. 20, for sub-section (1) (w.e.f. 13-12-1974).
- 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
