Buy banking regulation act, 1949 book online at low prices. Whereas it is expedient to consolidate and amend the law relating to banking 2. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. 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. 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. An act to consolidate and amend the law relating to banking 1.
Banks were under the control of indian companies act. 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. Start this article has been rated as startclass on the projects quality scale. Banking regulation act latest breaking news, pictures, videos, and special reports from the economic times.
In terms of subsection 2 of section 22 of the banking regulation act, 1949 as applicable to cooperative societies, the primary urban cooperative banks existing in the country as on march 1, 1966, when some banking laws were applied to ucbs, were required to. Study material for bank promotion banking regulation act. Fdic law, regulations, related acts statements of policy. The banking regulation act came into existence in 1949. Study material for bank promotion banking regulation act published by jai on january 17, 2017 january 17. 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. Banking regulation act, 1949 origin of the act no separate legislation till 1949. Banking regulation act 1949 section 35a citation 38699. Banking regulation act 1949 schedule iii citation 38791. Companies act 1956 defining company, negotiable instrument act defining public holiday. The banking regulation act 1949 extends to whole of india. 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.
Parliament passes banking regulation amendment bill. Banking regulation act 1949 free download as powerpoint presentation. Principal provisions of banking regulation act, 1949. Section 23 of banking regulation act, 1949 aacs extending valueadded services through atms. Chapter3 mergers and amalgamations in the banking sector. Power of the reserve bank togive directions 1 wherethe reserve bank is satisfied that a in the 2 publicinterest. 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.
Short title, extent and commencement 1 this act may be called the banking 2regulation act, 1949. The bill will replace the banking regulation amendment ordinance, 2017 promulgated by president in may 2017. Due to mushrooming growth in banks with inadequate capital dishonest management speculative investment appointment of incompetent directors for long periods poor liquidity of funds. The third schedule see section 29 1 form a form of balance sheet. Banking regulation act 1949 latest breaking news, pictures, videos, and special reports from the economic times. Among other things, the bank merger act requires the. Regulation of paidup capital, subscribed capital and authorised capital and voting rights of shareholders. Banking regulation act, 1949 schedule iii bare act. Banking regulation act 1949 blogs, comments and archive news on.
Banking regulation act 1949 and important sections pdf. Section 24 of the banking regulation act, 1949 maintenance. If you would like to participate, please visit the project page, where you can join the discussion and see a list of open tasks. 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. Read this article to learn about the following important principal provisions of banking regulation act, 1949 i.
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. Banking regulation act blogs, comments and archive news on. Bank consolidation procedures are provided under the banking regulation act, 1949. Banking regulation act 1949 the reserve bank of india act 1934 3. Banking regulation act, 1949 financial services banks. Banking regulation c ompanies rules, 1949 in exercise of. The other important provisions were pertaining to the. Confidence is the sine qua non for its organic and orderly growth. An act to consolidate and amend the law relating to banking 2. The bill seeks to amend the banking regulation act, 1949 to insert provisions for handling cases related to stressed assets or nonperforming assets npas of banks. It is therefore in the national interest that legislative safeguards be provided so that it gives a flavour of. This penalty of rs 50 lakh was imposed by the rbi on the bank under various sections of the banking regulation act, 1949. Fdic statement of policy on bank merger transactions i.
April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. 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. Glossarybank merger actthe popular name of section 18c of the federal deposit insurance act. Buy banking regulation act 1949 book online at best prices in india on. Introduction section 18c of the federal deposit insurance act 12 u.
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. Till 1949, there was no separate act for banking in india. 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. 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. Buy banking regulation act, 1949 book online at best prices in india on. 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 indian bare acts india bare. A regulations and compliance legal framework of regulation of banks. Banking regulation act 1949 guarantee balance sheet. Banking regulation act, 1949 bare acts law library.
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