The Banking Regulation Act, 1949

133 sections.

Section 1 — Short title, extent and commencement.
Section 2 — Application of other laws not barred.
Section 3 — Act not to apply to certain co-operative societies.
Section 4 — Power to suspend operation of Act.
Section 5 — Interpretation.
Section 5A — Act to override memorandum, articles, etc.
Section 6 — Form of business in which banking companies may engage.
Section 7 — Use of words "bank", "banker", "banking" or "banking company".
Section 8 — Prohibition of trading.
Section 9 — Disposal of non-banking assets.
Section 10 — Prohibition of employment of managing agents and restrictions on certain forms of employment.
Section 10A — Board of directors to include persons with professional or other experience.
Section 10B — Banking company to be managed by whole time chairman.
Section 10BB — Power of Reserve Bank to appoint chairman of the Board of directors appointed on a whole-time basis or a managing director of a banking company.
Section 10C — Chairman and certain directors not to be required to hold qualification shares.
Section 10D — Provisions of sections 10A and 10B to override all other laws, contracts, etc.
Section 11 — Requirement as to minimum paid-up capital and reserves.
Section 12 — Regulation of paid-up capital, subscribed capital and authorised capital and voting rights of shareholders.
Section 12A — Election of new directors.
Section 12B — Regulation of acquisition of shares or voting rights.
Section 13 — Restriction on commission, brokerage, discount, etc., on sale of shares.
Section 14 — Prohibition of charge on unpaid capital.
Section 14A — Prohibition of floating charge on assets.
Section 15 — Restrictions as to payment of dividend.
Section 16 — Prohibition of common directors.
Section 17 — Reserve Fund.
Section 18 — Cash reserve.
Section 19 — Restriction on nature of subsidiary companies.
Section 20 — Restrictions on loans and advances.
Section 20A — Restrictions on power to remit debts.
Section 21 — Power of Reserve Bank to control advances by banking companies.
Section 21A — Rates of interest charged by banking companies not to be subject to scrutiny by courts.
Section 22 — Licensing of banking companies.
Section 23 — Restrictions on opening of new, and transfer of existing, places of business.
Section 24 — Maintenance of a percentage of assets.
Section 25 — Assets in India.
Section 26 — Return of unclaimed deposits.
Section 26A — Establishment of Depositor Education and Awareness Fund.
Section 27 — Monthly returns and power to call for other returns and information.
Section 28 — Power to publish information.
Section 29 — Accounts and balance-sheet.
Section 29A — Power in respect of associate enterprises.
Section 30 — Audit.
Section 31 — Submission of returns.
Section 32 — Copies of balance-sheets and accounts to be sent to registrar.
Section 33 — Display of audited balance-sheet by companies incorporated outside India.
Section 34 — Accounting provision of this Act not retrospective.
Section 34A — Production of documents of confidential nature.
Section 35 — Inspection.
Section 35A — Power of the Reserve Bank to give directions.
Section 35AA — Power of the Central Government to authorize Reserve Bank for issuing directions to banking companies to initiate insolvency resolution process.
Section 35AB — Power of Reserve Bank to issue directions in respect of stressed assets.
Section 35B — Amendments of provisions relating to appointments of managing directors, etc., to be subject to previous approval of the Reserve Bank.
Section 36 — Further powers and functions of Reserve Bank.
Section 36A — Certain provisions of the Act not to apply to certain banking companies.
Section 36AA — Power of Reserve Bank to remove managerial and other persons from office.
Section 36AB — Power of Reserve Bank to appoint additional directors.
Section 36AC — Part IIA to override other laws.
Section 36ACA — Supersession of Board of Directors in certain cases.
Section 36AD — Punishments for certain activities in relation to banking companies.
Section 36AE — Power of Central Government to acquire undertakings of banking companies in certain cases.
Section 36AF — Power of the Central Government to make scheme.
Section 36AG — Compensation to be given to shareholders of the acquired bank.
Section 36AH — Constitution of the Tribunal.
Section 36AI — Tribunal to have powers of a civil court.
Section 36AJ — Procedure of the Tribunal.
Section 36B — High Court defined.
Section 37 — Suspension of business.
Section 38 — Winding up by High Court.
Section 38A — Court liquidator.
Section 39 — Reserve Bank to be official liquidator.
Section 39A — Application of Companies Act to liquidators.
Section 40 — Stay of proceedings.
Section 41 — Preliminary report by official liquidator.
Section 41A — Notice to preferential claimants and secured and unsecured creditors.
Section 42 — Power to dispense with meetings of creditors, etc.
Section 43 — Booked depositors' credits to be deemed proved.
Section 43A — Preferential payments to depositors.
Section 44 — Powers of High Court in voluntary winding up.
Section 44A — Procedure for amalgamation of banking companies.
Section 44B — Restriction on compromise or arrangement between banking company and creditors.
Section 45 — Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation.
Section 45A — Part IIIA to override other laws.
Section 45B — Power of High Court to decide all claims in respect of banking companies.
Section 45C — Transfer of pending proceedings.
Section 45D — Settlement of list of debtors.
Section 45E — Special provisions to make calls on contributories.
Section 45F — Documents of banking company to be evidence.
Section 45G — Public examination of directors and auditors.
Section 45H — Special provisions for assessing damages against delinquent directors, etc
Section 45-I — Duty of directors and officers of banking company to assist in the realisation of property.
Section 45J — Special provisions for punishing offences in relation to banking companies being wound up.
Section 45K — Omitted.
Section 45L — Public examination of directors and auditors, etc., in respect of a banking company under schemes of arrangement
Section 45M — Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act.
Section 45N — Appeals.
Section 45-O — Special period of limitation
Section 45P — Reserve Bank to tender advice in winding up proceedings
Section 45Q — Power to Inspect
Section 45R — Power to call for returns and information
Section 45S — Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up.
Section 45T — Enforcement of orders and decisions of High Court.
Section 45U — Power of High Court to make rules.
Section 45V — References to directors, etc., shall be construed as including references to past directors, etc.
Section 45W — Part II not to apply to banking companies being wound up
Section 45X — Validation of certain proceedings.
Section 45Y — Power of Central Government to make rules for the preservation of records.
Section 45Z — Return of paid instruments to customers.
Section 45ZA — Nomination for payment of depositors' money.
Section 45ZB — Notice of claims of other persons regarding deposits not receivable.
Section 45ZC — Nomination for return of articles kept in safe custody with banking company.
Section 45ZD — Notice of claims of other persons regarding articles not receivable.
Section 45ZE — Release of contents of safety lockers.
Section 45ZF — Notice of claims of other persons regarding safety lockers not receivable.
Section 45ZG — Priority of successive nominations.
Section 46 — Penalties
Section 46A — Chairman, director, etc., to be public servants for the purposes of Chapter IX of the Indian Penal Code.
Section 47 — Cognizance of offences.
Section 47A — Power of Reserve Bank to impose penalty
Section 48 — Application of fines.
Section 49 — Special provisions for private banking companies.
Section 49A — Restriction on acceptance of deposits withdrawable by cheque.
Section 49B — Change of name by a banking company.
Section 49C — Alteration of memorandum of a banking company.
Section 50 — Certain claims for compensation barred
Section 51 — Application of certain provisions to the State Bank of India and other notified banks.
Section 51A — Powers of Reserve Bank not to apply to International Financial Services Centre.
Section 52 — Power of Central Government to make rules.
Section 53 — Power to exempt in certain cases.
Section 54 — Protection of action taken under Act.
Section 55 — Amendment of Act 2 of 1934.
Section 55A — Power to remove difficulties
Section 56 — Act to apply to co-operative societies subject to modifications.

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