LexSection 49A — Restriction on acceptance of deposits withdrawable by cheque.
The Banking Regulation Act, 1949
1 [49A. Restriction on acceptance of deposits withdrawable by cheque.-- No person other than a banking company, the Reserve Bank, the State Bank of India or any other 2 [banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank] shall accept from the public deposits of money withdrawable by cheque: Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.]Open in Lexace · Ask the AI about this section