Banking regulation act, 1949 schedule iii bare act. Section 24 of the banking regulation act, 1949 maintenance. Banking regulation act, 1949 origin of the act no separate legislation till 1949. If you would like to participate, please visit the project page, where you can join the discussion and see a list of open tasks. Chapter3 mergers and amalgamations in the banking sector. Banking means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdraw able by cheque, draft, order or otherwise. Any two psbs can initiate merger discussions, however, the merger scheme should be finalized by the government in consultation with rbi and it must be placed in parliament for approval. Government and rbis powers opening of new banks and branch licensing constitution of board of directors and their rights banks share holders and their rights crr and slr concepts cash. Buy banking regulation act, 1949 book online at best prices in india on. The banking regulation act came into existence in 1949. Banking regulation act blogs, comments and archive news on.
Posted by ibc laws on june 11, 2018 april 15, 2019 in banking regulation act, 1949 leave a comment the banking regulation amendment act, 2017 no. Till 1949, there was no separate act for banking in india. The other important provisions were pertaining to the. Banking regulation act 1949 schedule iii citation 38791. Banking regulation act, 1949 financial services banks. Study material for bank promotion banking regulation act published by jai on january 17, 2017 january 17. Banking regulation act 1949 free download as powerpoint presentation. Banking regulation act 1949 and important sections pdf. Power of the reserve bank togive directions 1 wherethe reserve bank is satisfied that a in the 2 publicinterest. Section 23 of banking regulation act, 1949 aacs extending valueadded services through atms. Provisions of rbi act 1935, banking regulation act 1949, prevention of money laundering act, 2002. An order under subsection 4 whether made before or after the commencement of section 19 of the banking laws miscellaneous provisions act, 1963 55 of 1963. Whereas it is expedient to consolidate and amend the law relating to banking 2. Banking regulation act 1949 the reserve bank of india act 1934 3.
Banking regulation act 1949 indian bare acts india bare. Control and regulations of banks under the banking regulations act, 1949 banking is a unique industry in the sense that the bulk of its working funds are derived fiom demand and time deposits. Regulation of paidup capital, subscribed capital and authorised capital and voting rights of shareholders. Start this article has been rated as startclass on the projects quality scale. Introduction banking means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise. Banking regulation act 1949 latest breaking news, pictures, videos, and special reports from the economic times. Legal framework of regulation of banks what is banking. Parliament passes banking regulation amendment bill. An act to consolidate and amend the law relating to banking 1. This act contains two categories of provisions a built in safeguards and b power and consequential functions and responsibilities of the reserve bank of india. An act to consolidate and amend the law relating to banking 2. Study material for bank promotion banking regulation act. Banking regulation act 1949 guarantee balance sheet.
Fdic statement of policy on bank merger transactions i. Principal provisions of banking regulation act, 1949. Banking regulation act 1949 section 35a citation 38699. Passed as the banking companies act 1949, it came into force from 16 march 1949 and changed to banking regulation act 1949 from 1 march 1966. The central banking enquiry committee recommended the need of a separate legislation to control banks due to mushroom growth of banks with inadequate capital, dishonest management, speculative business etc etc. Read this article to learn about the following important principal provisions of banking regulation act, 1949 i. Glossarybank merger actthe popular name of section 18c of the federal deposit insurance act. Short title, extent and commencement 1 this act may be called the banking 2regulation act, 1949. Banking regulation c ompanies rules, 1949 in exercise of. Buy banking regulation act 1949 book online at best prices in india on. Fdic law, regulations, related acts statements of policy. The bill will replace the banking regulation amendment ordinance, 2017 promulgated by president in may 2017.
The banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. Due to mushrooming growth in banks with inadequate capital dishonest management speculative investment appointment of incompetent directors for long periods poor liquidity of funds. A regulations and compliance legal framework of regulation of banks. The third schedule see section 29 1 form a form of balance sheet. Among other things, the bank merger act requires the.
The banking regulation act, 1949 as modified upto january 7, 20 contents part i preliminary section 1 short title, extent and commencement section 2 application of other laws not barred section 3 act to apply to cooperative societies in certain cases section 4 power to suspend operation of act section 5 interpretation. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. Banking regulation act, 1949 bare acts law library. This penalty of rs 50 lakh was imposed by the rbi on the bank under various sections of the banking regulation act, 1949.
Banks were under the control of indian companies act. Bank consolidation procedures are provided under the banking regulation act, 1949. Confidence is the sine qua non for its organic and orderly growth. The bank merger act requires that mergers between depository institutions be subject to the prior approval of the primary federal regulator of the resulting institution 12 usc 1828c. Introduction section 18c of the federal deposit insurance act 12 u. Banking regulation act, 1949 1 0 of 1949, and after consultation with the reserve bank, the central government is pleased to make the following rules. Banking regulation act 1949 blogs, comments and archive news on. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. Application of other laws not barred 3 act to apply to cooperative societies in certain cases. Banking regulation act 1949 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, banking regulation act 1949 national security, others, procedural and administration, property related, public utilities, shipping laws, tax. Banking regulation act latest breaking news, pictures, videos, and special reports from the economic times. In terms of these provisions, banks cannot, without the prior approval of the reserve bank of india rbi, open a new place of business in india or outside india or change, otherwise than within the same city, town or village, the location of the existing place of business.
Buy banking regulation act, 1949 book online at low prices. The banking regulation act 1949 extends to whole of india. Companies act 1956 defining company, negotiable instrument act defining public holiday. It is therefore in the national interest that legislative safeguards be provided so that it gives a flavour of. Taxmanns banking regulation act 1949 incorporated banking ombudsman scheme, cooperative banks rules, period of preservation of records, acquisition and transfer of undertakings act and banking regulation rules.
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