Important provisions of the RBI ACT- 1934 & Banking Regulation Act- 1949

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What are the main provisions of Banking Regulation Act 1949?

1. Important provisions of the RBI ACT- 1934

Section -22 : sole right to issue bank notes.

Section- 31 : Prohibits issue of bearer bills of exchange, promissory notes payableto bearer.

Section – 42(1) : Cash reserve ratio (CRR)

Rbi is regulator of Banks so it is also Banks of bank and Play important role in controlling inflation.

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2. Important provisions of the Banking Regulation Act- 1949

BR Act is just like constitution of all Banks operating in India.

Section – 11 : paid up Capital and Reserves :

For domestic banks: 5 lacs and for foreign banks 15 lacs in case of banking businessat Mumbai/ Calcutta or both

Section – 20 : Restriction on advance against own shares

Section- 21 (A): Interest charged by the banks can not scrutinise by the court.

Section – 23 : Restriction on opening of new branch, extn. Counter  etc. except  for one month.

Section 24 : Maintenance of SLR

Section 26 : Return of unclaimed Deposit.

Section 45(Y) : Preservation of the bank records.

Section 45 Z : Returns of paid instruments to customer

Section 45 ZA : Nomination in Deposit accounts

Section 45 ZC : Nomination in safe custody accounts

Section 45 ZE : Nomination in lockers

Section 47-A : Violation of KYC: RBI can impose penalty on banks for violation of KYC norms.

Be continue….

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