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. Ca final banking regulation act 1949 hand written notes in pdf. Whereasit is expedient to consolidate and amend the law relating to banking 2. Banking regulation act, 1949 financial services banks. Chapter 1 addresses the question of why banks are regulated in order to establish the basic purposes, rationale, and goals for bank ing regulation, and to provide a framework for evaluating bank regulations. An act further to amend the banking regulation act, 1949. The provisions of this act, as in force for the time being, shall apply to, or in relation to, cooperative societies as they apply to, or in relation to banking companies subject to the following modifications, namely. Role of commercial banks in the economic development of india 3 7.
To acquire specialized knowledge of law and practice relating to banking detailed contents. Download banking regulation act 1949 file in pdf format. Whereas it is expedient to consolidate and amend the law relating to banking 2. Banking regulation act 1949 schedule iii citation 38791.
Powers, history, functions of the reserve bank of india rbi. Short title, extent and commencement 1 this act may be called the banking 2regulation act, 1949. For this reason there are provision for winding up of the banking company under the banking regulation act, 1949. Act to apply to cooperative societies in certain cases 4. Ca final banking regulation act 1949 hand written notes in pdf format. Until the court orders for the liquidation of a banking company, it continues to exist in its original form, even though the proceedings for its liquidation are started under section 194 of the companies act. 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 section 5a act to override memorandum, articles, etc. There are total 55 sections in the banking regulation act, 1949.
The act was originally in force from 16 march 1949 as the banking companies act, 1949. Section 10bb provides power to reserve bank to appoint chairman of the board of directors appointed on a whole time basis or managing director of any banking company. Website content managed by legislative department, ministry of law and justice, government of india designed, developed and hosted by national informatics centre nic last updated. 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.
One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. Here you can find description about banking regulation act, 1949 in hindi. Deposits in savings account are used for saving money. Banking regulation act, 1949 bare acts law library. Application of other laws not barred 3 act to apply to cooperative societies in certain cases. Banking regulation act 1949 the reserve bank of india act 1934 3. Act to apply to cooperative societies subject to modifications. Br act, 1949, banking companies acquisition and transfer of undertakings act.
Mar 19, 2019 download banking regulation act 1949 in pdf format. The banking regulation act, 1949legislative department ministry. Download banking regulation act 1949 in pdf format. Provisions of rbi act 1935, banking regulation act 1949, prevention of money laundering act, 2002. It regulates and supervises the functioning of the commercial banks in india. If you would like to participate, please visit the project page, where you can join the discussion and see a list of open tasks. On the suggestions of narsimhan committee, the banking regulation act was amended in 1993 and thus the gates for the new private sector banks were opened. Substantial interest i in relation to a company, means the holding of a beneficial interest by an individual or his spouse or minor child, whether singly or taken together, in the shares thereof, the amount. Provisions of the banking regulation act, 1949 are not in substitution of. Section 23 of banking regulation act, 1949 mobile branches and mobile atms page 1 of 2 file. The reserve bank of india is the central bank of india entrusted with the multidimensional role. Banking regulation act 1949 copy free download as powerpoint presentation. Banking regulation act, 1949 bare acts law library advocatekhoj.
The banking ombudsman scheme is introduced under section 35a of the banking regulation act, 1949. It was amended and renamed as banking regulation act, 1949 and extended to the cooperative banks from 1 march 1966 as the banking regulation act, 1949 as applicable to cooperative societies b r act, 1949 aacs. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. State bank of india act, 1955 and the banking regulation act, 1949.
The banking regulation act, 1949 reserve bank of india. An act to consolidate and amend the law relating to banking 2. In this backdrop, in march 1949, a special legislation, called the banking companies act, 1949, applicable exclusively to the banking companies, was passed. A banking ombudsman can receive a complaint on grounds specified under the ombudsman scheme, 2006. Presently the banking ombudsman scheme 2006 as amended upto july 1, 2017 is in operation. In view of large deposits and working funds of cooperative banks, certain provisions of the banking regulation act, 1949 were made applicable, by the banking laws application to cooperative societies act, 1965, to the state cooperative banks, the central co.
The banking ombudsman scheme is introduced under section 35 a of the banking regulation act, 1949 by rbi with effect from 1995. Liability in chit frail transactionwhether saved by the provisions of sec. Be it enacted by parliament in the sixtyeighth year of the republic of india as. It was passed in parliament in february 1949 and the banking regulation act 1949 came to exist from 16 th march 1949. Role of banking ombudsman in banking reforms munich. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. Initially applicable for banking companies but applicable to cooperative banks since 1965. The following are the major steps taken by the government of india to regulate banking institutions in the country.
Banking regulation act, 1949 also provide powers of reserve bank of india such as. Important sections in banking regulation act 1949 aspirants zone. The provisions of this act, as in force for the time being, shall apply to, or in relation to, cooperative societies as they apply to, or in relation to, banking companies subject to the following modifications, namely. Substantial interest i in relation to a company, means the holding of a beneficial interest by an individual or his. The banking ombudsman scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks. Banking regulation act 1949 section 35 citation 38698. Banking regulation act, 1949 schedule iii bare act. Savings bank accountholder is required to maintain a minimum balance in his account to avail of cheque facilities. The provisions of this act shall be in addition to, and not, save as hereinafter expressly provided, in derogation of the 5. Jan 31, 2014 banking companies in india is governed by two main legislations. This article is within the scope of wikiproject law, an attempt at providing a comprehensive, standardised, panjurisdictional and uptodate resource for the legal field and the subjects encompassed by it. Extracts of provisions contained in various acts regulation schemenotifications applicable for election of shareholders directors the banking regulation act, 1949 section 5 ne.
Full text containing the act, banking regulation act, 1949, with all the. Banking regulation act 1949 and important sections pdf. Principal provisions of banking regulation act, 1949. Any person aggrieved by the decision of the bank can file a complaint, either himself or through his representative other than through an advocate. Tds deduction reporting for tds return filing excel file on. It performs important monetary functions from issue of currency note to maintenance of monetary stability in the country. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in. Banking regulation act 1949 as applicable to co operative. The act gives the reserve bank of india rbi the power to license banks, have regulation. Study material for bank promotion banking regulation act.
Banking regulation act, 1949 free download as powerpoint presentation. The banking regulation act, 1949 was passed by the parliament in the year 1949 with the aim to regulate all banks along with consolidating and amending the banking laws in india. In view of large deposits and working funds of cooperative banks, certain provisions of the banking regulation act, 1949 were made applicable, by the banking laws application to cooperative societies act, 1965, to the state cooperative banks, the central cooperative banks and primary nonagricultural banks. The banking companies legal practitioners clients accounts act, 1949 46 of 1949 shall apply in relation to a cooperative bank as it applies in relation to a banking company as defined in section 2 of that act. The banking ombudsman is a senior officer appointed by the reserve bank of india to resolve the grievance of banking customers. Liability in chit frail transaction whether saved by the provisions of sec.
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