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Act and Law

Reserve Bank of India Act, 1934

Reserve Bank of India Act, 1934 – Part-X – Section 58B to 58G - https://inquisitivemind5.blogspot.com/2022/11/reserve-bank-of-india-act-1934-part-x.html

Reserve Bank of India Act, 1934 – Part-IX – Section 46 to 58A - https://inquisitivemind5.blogspot.com/2022/11/reserve-bank-of-india-act-1934-part-ix.html

Reserve Bank of India Act, 1934 – Part-VIII – Section 45Z to 45ZO - https://inquisitivemind5.blogspot.com/2022/11/reserve-bank-of-india-act-1934-part.html

Reserve Bank of India Act, 1934 – Part-VII – Section 45S to 45Y - https://inquisitivemind5.blogspot.com/2022/10/reserve-bank-of-india-act-1934-part-vii.html

Reserve Bank of India Act, 1934 – Part-VI – Section 45K to 45QB - https://inquisitivemind5.blogspot.com/2022/10/reserve-bank-of-india-act-1934-part-vi.html

Reserve Bank of India Act, 1934 – Part-V – Section 45B to 45JA - https://inquisitivemind5.blogspot.com/2022/10/reserve-bank-of-india-act-1934-part-v.html

Reserve Bank of India Act, 1934 – Part-IV – Section 42 to 45 - https://inquisitivemind5.blogspot.com/2022/10/reserve-bank-of-india-act-1934-part-iv.html

Reserve Bank of India Act, 1934 – Part-III – Section 20 to 40 - https://inquisitivemind5.blogspot.com/2022/10/reserve-bank-of-india-act-1934-part-iii.html

Reserve Bank of India Act, 1934 – Part-II – Section 17 to 19 - https://inquisitivemind5.blogspot.com/2022/10/reserve-bank-of-india-act-1934-section.html

Reserve Bank of India Act, 1934 – Part-I – Preamble and Section 1 to 13 - https://inquisitivemind5.blogspot.com/2022/10/reserve-bank-of-india-act-1934-preamble.html

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Banking Regulation Act, 1949

Banking Regulation Act, 1949 – Part-V – Section 45ZA to 56 - https://inquisitivemind5.blogspot.com/2024/04/banking-regulation-act-1949-part-v.html

Banking Regulation Act, 1949 – Part-IV – Section 36AA to 45Q - https://inquisitivemind5.blogspot.com/2024/04/banking-regulation-act-1949-part-iv.html

Banking Regulation Act, 1949 – Part-III – Section 26 to 36 - https://inquisitivemind5.blogspot.com/2024/04/banking-regulation-act-1949-part-iii.html

Banking Regulation Act, 1949 – Part-II – Section 17 to 24 - https://inquisitivemind5.blogspot.com/2024/04/banking-regulation-act-1949-part-ii.html

Banking Regulation Act, 1949 – Part-I – Section 3 to 12B - https://inquisitivemind5.blogspot.com/2024/03/banking-regulation-act-1949-part-i.html

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Reserve Bank of India Act, 1934 – Part-II – Section 17 to 19

The Reserve Bank of India Act, 1934 provides the statutory basis of the functioning of the Reserve Bank of India (RBI). In a series of articles, we will briefly go through the provisions of RBI Act, 1934. This is the second article in the series.  Section 17 – Business which the Bank may transact RBI shall be authorized to carry on and transact the several kinds of business hereinafter specified, namely – 17(1) – Accept deposit without interest from the Central / State Government, local authorities, banks and any other persons. 17(1A) – Accept deposit, repayable with interest, from banks or any other person under the Standing Deposit Facility Scheme, as approved by the Central Board, for the purposes of liquidity management.   Bills of Exchange (B/E) & Promissory Note (PN) Bearing 2 or more good signatures, one of which shall be of B/E & PN arising out of Maturing within 17(2)(a) Purchase, sale and rediscou...
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Reserve Bank of India Act, 1934 – Part-I – Preamble and Section 1 to 13

The Reserve Bank of India Act, 1934 provides the statutory basis of the functioning of the Reserve Bank of India (RBI). In a series of articles, we will briefly go through the provisions of RBI Act, 1934. This is the first article in the series. Preamble of the Act RBI to – Regulate the issue of bank notes. Keep reserves for monetary stability in India. Operate currency and credit system of the country to its advantage. The primary objective of the monetary policy is to maintain price stability while keeping in mind the objective of growth. Chapter I – Preliminary Section 1 – Short title, extent and commencement 1(1) – This Act may be called the Reserve Bank of India Act, 1934. 1(2) – The Act extends to whole of India. Chapter II - Incorporation, Capital, Management and Business Section 3 – Establishment and incorporation of Reserve Bank 3(1) – RBI to take over management of the currency from the Central Government. 3(2) – RBI to have perpetual succession, common seal, and shall by...
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Reserve Bank of India Act, 1934 – Part-III – Section 20 to 40

The Reserve Bank of India Act, 1934 provides the statutory basis of the functioning of the Reserve Bank of India (RBI). In a series of articles, we will briefly go through the provisions of RBI Act, 1934. This is the third article in the series.  Chapter III - Central Banking Functions Section 20 – Obligation of the Bank to transact Government business RBI shall undertake – To accept monies for account of the Central Government and to make payments up to the amount standing to the credit of its account, and to carry out its exchange, remittance and other banking operations. Management of the public debt of the Union. Section 21 – Bank to have the right to transact Government business in India The Central Government shall entrust RBI with – All its money, remittance, exchange and banking transactions in India, and shall deposit free of interest all its cash balances with RBI. The Central Government may carry on money transactions at places where RBI has no branches or agencies and m...
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Reserve Bank of India Act, 1934 – Part-IV – Section 42 to 45

The Reserve Bank of India Act, 1934 provides the statutory basis of the functioning of the Reserve Bank of India (RBI). In a series of articles, we will briefly go through the provisions of RBI Act, 1934. This is the fourth article in the series.  Section 42 – Cash reserves of scheduled banks to be kept with the Bank 42(1) – Every bank included in the Second Schedule shall maintain with RBI an average daily balance at a percent (notified by RBI) of its total demand and time liabilities in India. 42(1A) – RBI may direct every scheduled bank to maintain with RBI, in addition to the balance prescribed under Section 42(1), an additional average daily balance at a rate (specified by RBI). 42(1C) – RBI may specify any transaction or class of transactions to be regarded as liability in India of a scheduled bank. If any question arises as to whether any transaction or class of transactions shall be regarded as liability in India of a schedule bank, the decision of RBI thereon shall be fina...
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Reserve Bank of India Act, 1934 – Part-V – Section 45B to 45JA

The Reserve Bank of India Act, 1934 provides the statutory basis of the functioning of the Reserve Bank of India (RBI). In a series of articles, we will briefly go through the provisions of RBI Act, 1934. This is the fifth article in the series.  Chapter IIIA - Collection and Furnishing of Credit Information Section 45B – Power of Bank to collect credit information RBI may collect credit information from banking companies and furnish it to any banking company in accordance with section 45D. Section 45C – Power to call for returns containing credit information RBI may direct any banking company to submit statements relating to credit information. Section 45D – Procedure for furnishing credit information to banking companies A banking company may apply to RBI to provide credit information. RBI shall furnish the requested credit information without disclosing the names of the banking companies which have submitted the information. RBI may levy fees of up to Rs.25 for furnishing credit...
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