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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Reserve Bank to tender advice in winding up proceedings.
Board of Directors to include persons with professional or other experience. Chairman and certain Directors not to be required to hold qualification shares. The Act supplements the Companies Act, Act to override bye-laws, etc. Unlawful Activities Prevention Act.
Monthly returns and power to call for other returns and information. Certain provisions of the Act not to apply to certain banking companies.
Prohibition of charge on unpaid capital. Power to exempt in certain cases. Preferential payments to depositors. References to Directors, etc.
The Act provides a framework using which commercial banking in India is supervised and regulated. Restriction on acceptance of deposits withdrawable by cheque.
Return of unclaimed deposits. 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.
Section 11 in BANKING REGULATION ACT,
Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up. Power to suspend operation of Act. Accounts and Balance Sheet. Provided that the co-operative bank shall also zacs an advance copy of the application directly to the Reserve Bank. Special provisions for assessing damages against delinquent Directors, etc.
Banking Regulation Act, 1949
Power of Reserve Bank to remove managerial and other persons from office. Notice of claims of other persons regarding deposits not receivable.
But, it was amended to make it applicable to cooperative banks and to introduce other changes. Amendments of provisions relating to appointments of Managing Directors, etc. Winding up by High Court. Amendment of Act 2 of Prohibition of bt Directors. Maintenance of a percentage of assets. India and International Law: Rate of aavs charged by banking hr not to be subject to scrutiny by courts. Application of certain provisions to the State Bank of India and other notified banks.
Duty of Directors and Officers of banking company to assist in the realization of property. Provisions of sections 10A and 10B to override all other laws, contracts, etc. It is applicable in jammu and kashmir from An Act to consolidate and amend the law relating to banking.
Validation of certain proceedings. Babu Rao And Ors.