The banking regulation act came into existence in 1949. Jun 07, 2019 the banking regulation amendment act, 2017 no. Banking regulation act 1949 16 th march 1949 ramees k abdul aziz roll no. Read the underlined words carefully as they are important part of definition on which questions may be based. Banking regulation act blogs, comments and archive news on. The banking regulation act, 1949 reserve bank of india. Jan 31, 2014 banking regulation act1949 banking defined. Penalties prescribed under the banking regulation act, 1949. An act further to amend the banking regulation act, 1949. As per which act, holidays are provided in the banks. It contained various aspects related to banking in india. Be it enacted by parliament in the sixtyeighth year of the republic of india as. The banking regulation act 1949 extends to whole of india.
The other important provisions were pertaining to the suspension of business by and winding up of the business. Banking regulation act, 1949 bare acts law library advocatekhoj. The banking regulation act, 1949 as modified upto january 7, 20 contents part i preliminary section 1 short title, extent and commencement section 2 application of other laws not barred section 3 act to apply to cooperative societies in certain cases section 4 power to suspend operation of act section 5 interpretation. Banking and financial awareness questions for bank exams set 1 nethravathi k h 082115 plz send me. It regulates and supervises the functioning of the commercial banks in india. Banking regulation act 1949 section 5 citation 38656 bare. Which lateron got enacted as the banking regulation act, 1949 as printed and published in bare act form with short notes by universal law publishing co. In view of large deposits and working funds of cooperative banks, certain provisions of the banking regulation act, 1949 were made applicable, by the banking laws application to cooperative societies act, 1965, to the state cooperative banks, the central cooperative banks and primary nonagricultural banks. Introduction banking means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise. Winding up by high court 1 notwithstanding anything contained in section 391, section 392, section 433 and section 583 of the companies act, 1956 1 of 1956, but without prejudice to its powers under subsection 1 of section 37 of this act, the high court shall order the winding up of a banking company. Full text containing the act, banking regulation act, 1949, with all the sections, schedules, short title, enactment date, and footnotes.
One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. In view of the judgment in the above case, doubts have been expressed about the legality of the licences issued to other mscbs. Principal provisions of banking regulation act, 1949. Buy banking regulation act 1949 book online at best prices in india on.
Passed as the banking companies act 1949, it came into force. Buy banking regulation act 1949 book online at low. Taxmanns banking regulation act 1949 incorporated banking ombudsman scheme, cooperative banks rules, period of preservation of records, acquisition and transfer of undertakings act and banking regulation rules. Power of reserve bank to appoint additional directors. Whereas it is expedient to consolidate and amend the law relating to banking 2.
Initially, the law was applicable only to banking companies. Banking and financial awareness questions for bank exams set 1. Certain provisions of the act not to apply to certain banking companies. Companies act 1956 defining company, negotiable instrument act defining public holiday. Provided that the prohibition inthis subclause shall not apply in respect of any such director for a temporaryperiod not exceeding three months or such further period not exceeding ninemonths as the reserve bank may allow. Download banking regulation act 1949 file in pdf format. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. The banking regulation act 1949 indian bare acts at, a website for indian laws and bareacts, legal advice and law documents in india. Here you can find description about banking regulation act, 1949 in hindi. Apr 22, 2020 banking regulation act latest breaking news, pictures, videos, and special reports from the economic times. There are thirtyfour other multistate cooperative banks mscbs, which have been granted licence under the provisions of banking regulation act, 1949. Although every possible care has been taken to prepare the acts and rules published on bareactspdf.
Important mcq of banking regulation act 1949 banking awareness. Banking regulation act 1949 indian bare acts india bare act. Discuss the salient features of the indian banking. An act to consolidate and amend the law relating to banking 2. Important mcq of banking regulation act 1949 banking. Passed as the banking companies act 1949, it came into force from 16 march 1949 and changed to banking regulation act 1949 from 1 march 1966.
Act to apply to cooperative societies subject to modifications the provisions of this act, as in force for the time being, shall apply to, or in relation to, cooperative societies as they apply to, or in relation to, banking companies subject to the following modifications, namely, a throughout this act. The banking regulation act, 1949 was passed by the parliament in the year 1949 with the aim to regulate all banks along with consolidating and amending the banking laws in india. Banking regulation act 1949 important sections in hindi. Contains all enforced central and state acts linked with subordinate data like rules,regulations,notifications,orders,circulars,ordinances,statutes.
Subsection 2 of the section 19 of the banking regulation act, 1949 provides that no banking company shall hold shares in any company, whether as pledgee, mortgagee or absolute owner, of any amount exceeding 30 per cent of the paid up share capital of that company or 30 per cent of its own paidup share capital and reserves. Till 1949, controlled by indian companies act 1956. Banking regulation act 1949 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, banking regulation act 1949 national security, others, procedural and administration, property related, public utilities, shipping laws, tax laws. Banking regulation cooperative societies bare acts live. The banking regulation act 1949 extends to the entire nation. This act contains two categories of provisions a built in safeguards and b power and consequential functions and responsibilities of the reserve bank of india. Study material for bank promotion banking regulation act.
Power of reserve bank to remove managerial and other persons from office. The banking regulation act is a central legislation enacted on march 10, 1949 and came into effect on march 16, 1949 when the government of india publicized in the gazette of india for the purpose of altering and uniting the legal documents on banking. Short title, extent and commencement 1 this act may be called the banking 2 regulation act, 1949. In this video we have discussed banking regulation act 1949 in hindi helpful in various banking examination ibps,rbi sbi etc if found our video helpful to. Power to suspend operation of act is a part of banking regulation act, 1949. Recommendation of banking enquiry committee inadequate capital, dishonest management, speculative business a bill was introduced in parliament in march 1948. In this act, unless there is anything repugnant in the subject or context, a approved securities means i securities in which a trustee may invest money under clause a, clause b, clause bb, clause c or clause d of section 20 of the indian trust act, 1882 2 of 1882. Law in india, bare act pdf advocates supreme court of india. Banking regulation act, 1949 bare acts law library. Jan 17, 2017 in this series of study material for bank promotion, these are brief notes on banking regulation act. The banking regulation act, 1949 came into force on march 16, 1949. Banking regulation act 1949 and important sections pdf.
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