Full text containing the act, Banking Regulation Act, , with all the sections, schedules, short title, enactment date, and footnotes. provisions of Banking Regulation Act, (As Applicable to Co-operative .. In terms of Section 24 of the Banking Regulation Act , (AACS), every. Primary. Section 23 of Banking Regulation Act, (AACS) – Extending Value-Added Services through ATMs. Please refer to our circular
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Restrictions on loans and advances. Regulation of paid-up capital, subscribed capital and authorized capital and voting rights of shareholders.
Protection of action taken under Act. Aaca of Reserve Bank to control advances by banking companies. Further powers and functions of Reserve Bank. Short title, extent and commencement. Nomination for payment of depositors’ money. Display bg audited balance-sheet by companies incorporated outside India. Power to dispense with meetings of creditors, etc. Retrieved from ” https: Change of name by banking company. Power of the Reserve Bank to give directions.
Tribunal to have powers of a civil court. Procedure of the Tribunal.
Views Read Edit View history. Special provisions for private banking companies.
Banking Regulation Act, 1949
Power to Reserve Bank to impose penalty. Part IIIA to override other laws. Special provisions for punishing offences in relation to banking companies being wound up. Requirement as to minimum paid-up capital and reserves. Production of documents of confidential nature. Restriction on acceptance of deposits withdrawable by cheque. The Act supplements the Companies Act, From Wikipedia, the free encyclopedia.
Amendments of provisions relating to appointments of Managing Directors, etc. Act to override memorandum, articles, etc.
Banking Regulation Act, | Bare Acts | Law Library | AdvocateKhoj
Provided that the power exercised by the Administrator shall be valid notwithstanding that such power is exercisable by a resolution passed in the general meeting of such multi-State co-operative bank. Babu Rao And Ors. Board of Directors to include persons with professional or other experience. Power of Reserve Bank to appoint Chairman of a banking company. Duty of Directors and Officers of banking company to assist in the realization of property.
Banking Regulation Act, Provided that the co-operative bank shall also send an advance copy of the application directly to the Reserve Bank. Power of High Court to decide all claims in respect of banking companies. Preferential payments to depositors.
It is applicable in jammu and kashmir from Reserve Bank to be official liquidator. Restrictions on loans and advances. Licensing of banking companies. Power of High Court to enforce schemes of arrangements, etc. Return of unclaimed deposits.
Special period of limitation. Prohibition of floating charge on assets. Power to publish information. Power to suspend operation of Act. Enforcement of orders and decisions of High Court.
Booked depositors’ credits to be deemed proved. But, RBI controls the licensing and regulates the business operations. Act to apply to Co-operative Societies acr to modifications.
Prohibition of employment of Managing Agents and restrictions on certain forms of employment. Return of paid instruments to customers. Provided also that the Reserve Bank may, in any particular case, extend the aforesaid period of seven years by such period as it may consider necessary where it is satisfied that such extension would be in the interests of the depositors of qacs co-operative bank.
Validation of certain proceedings. Notice to preferential claimants and secured and unsecured creditors.