Parts and Sections of BANKING REGULATION ACT, 1949

Parts and Sections of BANKING REGULATION ACT, 1949

Section 2 to 5A
Section 5B: Defines 'Banking'
Section 5C: Defines 'Banking Company' as 'a company which transacts the business of banking in India
Section 6: Forms of business in which banking Companies may engage
Section 7: Use of words "bank", "banker", "banking" or "banking company"
Section 10BB: Power of Reserve Bank to appoint chairman of a banking company
Section 11: Requirement as to minimum paid up capital and reserves
Section 18: Cash Reserve
Section 21: Power of Reserve Bank to control advances by banking companies. Rate of interest
Section 21A: Rate of interest charged by banking companies cannot be subject to scrutiny of courts.
Section 22: Licensing of banking companies
Section 23: Restrictions on opening new and transfer of existing branches etc.
Section 27: Monthly returns to Reserve Bank
Section 28: Reserve Bank's power to make public certain information in the interest of the public
Sections 29, 30, 31: Audit
Section 35: Authority to inspect every banking company and its branches
Section 35A: Power of RBI to issue directions which every banking company in India has to follow
Section 36AA: RBIs power to remove managerial power from persons of office..
Section 36AB: RBIs power to appoint additional directors
Section 37: Suspension of business
Section 47A: RBIs power to impose penalty
Section 58A of Companies Act, 1956 empowers companies to accept deposits from the public