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Reserve Bank of India Act, 1934 (2 of 1934) Complete Act - Bare Act

StateCentral Government
Year
Act Info:
Preamble1 - RESERVE BANK OF INDIA ACT, 1934
Chapter 1
Section1 - Short title, extent and commencement
Section2 - Definitions
Chapter2 - INCORPORATION, CAPITAL, MANAGEMENT AND BUSINESS
Section3 - Establishment and incorporation of Reserve Bank
Section4 - Capital of the Bank
Section5 - Increase and reduction of share capital (Repealed)
Section6 - Offices, branches and agencies
Section7 - Management
Section8 - Composition of the Central Board, and term of office of Directors
Section9 - Local Boards, their constitution and functions
Section10 - Disqualifications of Directors and members of Local Boards
Section11 - Removal from and vacation of office
Section12 - Casual vacancies and absences
Section13 - Meetings of the Central Board
Section14 - General meetings (Repealed)
Section15 - First constitution of the Central Board (Repealed)
Section16 - First constitution of local board (Repealed)
Section17 - Business which the Bank may transact
Section18 - Power of direct discount
Section18A - Validity of loan or advance not to be questioned
Section19 - Business which the Bank may not transact
Chapter 3
Section20 - Obligation of the Bank to transact Government business
Section21 - Bank to have the right to transact Government business in India
Section21A - Bank to transact Government business of States on agreement
Section21B - Effect of agreements made between the Bank and certain States before the 1st November, 1956
Section22 - Right to issue bank notes
Section23 - Issue Department
Section24 - Denominations of notes
Section25 - Form of bank notes
Section26 - Legal tender character of notes
Section26A - Certain bank notes to cease to be legal tender
Section27 - Re-issue notes
Section28 - Recovery of notes lost, stolen, mutilated or imperfect
Section28A - Issue of special bank notes and special one rupee notes in certain cases
Section29 - Bank exempt from stamp duty on bank notes
Section30 - Powers of Central Government to supersede Central Board
Section31 - Issue of demand bills and notes
Section32 - Penalty (repealed)
Section33 - Assets of the Issue Department
Section34 - Liabilities of Issue Department
Section35 - Initial assets and liabilities (Repealed)
Section36 - Method of dealing with fluctuations in rupee coin assets (Repealed)
Section37 - Suspension of assets requirements as to foreign securities
Section38 - Obligations of Government and the Bank in respect of rupee coin
Section39 - Obligation to supply different forms of currency
Section40 - Transactions in foreign exchange
Section41 - Obligation to buy sterling (Repealed)
Section41A - Obligation to provide remittance between India and Burma (Repealed)
Section42 - Cash reserves of scheduled banks to be kept with the Bank
Section43 - Publication of consolidated statement by the Bank
Section43A - Protection of action taken in good faith
Section44 - Power to require returns from co-operative banks (Repealed)
Section45 - Appointment of agents
Chapter3A - COLLECTION AND FURNISHING OF CREDIT INFORMATION
Section45A - Definitions
Section45B - Power of Bank to collect credit information
Section45C - Power to call for returns containing credit information
Section45D - Procedure for furnishing credit information to banking companies
Section45E - Disclosure of information prohibited
Section45F - Certain claims for compensation barred
Section45G - Penalties (Repealed)
Chapter3B - PROVISIONS RELATING TO NON-BANKING INSTITUTIONS RECEIVING DEPOSITS AND FINANCIAL INSTITUTIONS
Section45H - Chapter IIIB not to apply in certain cases
Section45I - Definitions
Section45IA - Requirement of registration and net owned fund
Section45IB - Maintenance of percentage of assets
Section45IC - Reserve fund
Section45J - Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money
Section45JA - Power of Bank to determine policy and issue directions
Section45K - Power of Bank to collect information from non-banking institutions as to deposits and to give directions
Section45L - Power of Bank to call for information from financial institutions and to give directions
Section45M - Duty of non-banking institutions to furnish statements, etc., required by Bank
Section45MA - Powers and duties of auditors
Section45MB - Power of Bank to prohibit acceptance of deposit and alienation of assets
Section45MC - Power of Bank to file winding up petition
Section45N - Inspection
Section45NA - Deposits not to be solicited by unauthorised person
Section45NB - Disclosure of information
Section45NC - Power of Bank to exempt
Section45O - Penalties (Repealed)
Section45P - Cognizance of offence (Repealed)
Section45Q - Chapter IIIB to override other laws
Section45QA - Power of Company Law Board to offer repayment of deposit
Section45QB - Nomination by depositors
Chapter3C - PROHIBITION OF ACCEPTANCE OF DEPOSITS BY UNINCORPORATED BODIES
Section45R - Interpretation
Section45S - Deposits not to be accepted in certain cases
Section45T - Power to issue search warrants
Chapter3D - REGULATION OF TRANSACTIONS IN DERIVATIVES, MONEY MARKET INSTRUMENTS, SECURITIES, ETC.
Section45U - Definitions
Section45V - Transactions in derivatives
Section45W - Power to regulate transactions in derivatives, money market instruments, etc.
Section45X - Duty to comply with directions and furnish information
Chapter 4
Section46 - Contribution by Central Government to the Reserve Fund
Section46A - Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilisation) Fund
Section46B - Section 46B (Omitted)
Section46C - National Industrial Credit (Long Term Operations) Fund
Section46D - National Housing Credit (Long Term Operations) Fund
Section47 - Allocation of surplus profits
Section48 - Exemption of Banks from income-tax and super-tax
Section49 - Publication of Bank rate
Section50 - Auditors
Section51 - Appointment of special auditors by Government
Section52 - Powers and duties of auditors
Section53 - Returns
Section54 - Rural Credit and Development
Section54A - Delegation of powers
Section54AA - Power of Bank to depute its employees to other institutions
Section55 - Reports by the Bank (Repealed)
Section56 - Power to require declaration as to ownership of registered shares (Repealed)
Section57 - Liquidation of the Bank
Section58 - Power of the Central Board to make regulations
Section58A - Protection of action taken in good faith
Chapter5 - PENALTIES
Section58B - Penalties
Section58C - Offences by companies
Section58D - Application of section 58B barred
Section58E - Cognizance of offences
Section58F - Application of fine
Section58G - Power of Bank to impose fine
Section59 - Amendment of Act 3 of 1906 (Repealed)
Section60 - Repeals (Repealed)
Section61 - Amendment of section II, Act VII of 1913 (Repealed)
Schedule1 - THE FIRST SCHEDULE
Schedule2 - THE SECOND SCHEDULE
Schedule3 - THE THIRD SCHEDULE
Schedule4 - THE FOURTH SCHEDULE
Schedule5 - THE FIFTH SCHEDULE
Amending Act1 - RESERVE BANK OF INDIA (AMENDMENT) ACT, 2006


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