Acts › The Reserve Bank of India Act, 1934The Reserve Bank of India Act, 1934 140 sections.
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Open in Lexace · Ask the AI Section 1 — Short title, extent and commencement. Section 2 — Definitions. Section 3 — Establishment and incorporation of Reserve Bank. Section 4 — Capital of the Bank. Section 5 — [Omitted.]. Section 6 — Offices, branches and agencies. Section 7 — Management. Section 8 — Composition of the Central Board, and term of office of Directors. Section 9 — Local Boards, their constitution and functions. Section 10 — Disqualifications of Directors and members of Local Boards. Section 11 — Removal from and vacation of office. Section 12 — Casual vacancies and absences. Section 13 — Meetings of the Central Board. Section 14 — [Omitted.]. Section 15 — [Omitted.]. Section 16 — [Omitted.]. Section 17 — Business which the Bank may transact. Section 18 — Power of direct discount. Section 18A — Validity of loan or advance not to be questioned. Section 19 — Business which the Bank may not transact. Section 20 — Obligation of the Bank to transact Government business. Section 20A — [Omitted.]. Section 21 — Bank to have the right to transact Government business in India. Section 21A — Bank to transact Government business of States on agreement. Section 21B — Effect of agreements made between the Bank and certain States before the 1st November, 1956. Section 22 — Right to issue bank notes. Section 22A — Non-applicability of certain provisions to digital form of bank notes Section 23 — Issue Department. Section 24 — Denominations of notes. Section 25 — Form of bank notes. Section 26 — Legal tender character of notes. Section 26A — Certain bank notes to cease to be legal tender. Section 27 — Re-issue notes. Section 28 — Recovery of notes lost, stolen, mutilated or imperfect. Section 28A — Issue of special bank notes and special one rupee notes in certain cases. Section 29 — Bank exempt from stamp duty on bank notes. Section 30 — Powers of Central Government to supersede Central Board. Section 31 — Issue of demand bills and notes. Section 32 — [Omitted.]. Section 33 — Assets of the Issue Department. Section 34 — Liabilities of Issue Department. Section 35 — [Omitted.]. Section 36 — [Omitted.]. Section 37 — Suspension of assets requirements as to foreign securities. Section 38 — Obligations of Government and the Bank in respect of rupee coin. Section 39 — Obligation to supply different forms of currency. Section 40 — Transactions in foreign exchange. Section 41A — [Omitted.]. Section 42 — Cash reserves of scheduled banks to be kept with the Bank. Section 43 — Publication of consolidated statement by the Bank. Section 43A — Protection of action taken in good faith. Section 44 — [Omitted.]. Section 45 — Appointment of agents. Section 45A — Definitions. Section 45B — Power of Bank to collect credit information. Section 45C — Power to call for returns containing credit information. Section 45D — Procedure for furnishing credit information to banking companies. Section 45E — Disclosure of information prohibited. Section 45F — Certain claims for compensation barred. Section 45G — [Omitted.]. Section 45H — Chapter IIIB not to apply in certain cases. Section 45-I — Definitions. Section 45-IA — Requirement of registration and net owned fund. Section 45-IB — Maintenance of percentage of assets. Section 45-IC — Reserve fund. Section 45-ID — Power of Bank to remove directors from office. Section 45-IE — Supersession of Board of directors of non-banking financial company (Other than Government Company). Section 45J — Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money. Section 45JA — Power of Bank to determine policy and issue directions. Section 45K — Power of Bank to collect information from non - banking institutions as to deposits and to give directions. Section 45L — Power of Bank to call for information from financial institutions and to give directions. Section 45M — Duty of non-banking institutions to furnish statements, etc., required by Bank. Section 45MA — Powers and duties of auditors. Section 45MAA — Power to take action against auditors. Section 45MB — Power of Bank to prohibit acceptance of deposit and alienation of assets. Section 45MBA — Resolution of non-banking financial company. Section 45MC — Power of Bank to file winding up petition. Section 45N — Inspection. Section 45NA — Deposits not to be solicited by unauthorised person. Section 45NAA — Power in respect of group companies. Section 45NB — Disclosure of information. Section 45NC — Power of Bank to exempt. Section 45-O — Omitted. . Section 45P — [Omitted.]. Section 45Q — Chapter IIIB to override other laws. Section 45QA — Power of Company Law Board to offer repayment of deposit. Section 45QB — Nomination by depositors. Section 45R — Interpretation. Section 45S — Deposits not to be accepted in certain cases. Section 45T — Power to issue search warrants. Section 45U — Definitions. Section 45V — Transactions in derivatives. Section 45W — Power to regulate transactions in derivatives, money market instruments, etc. Section 45X — Duty to comply with directions and furnish information. Section 45Y — Joint Mechanism. Section 45Z — Provisions of this Chapter to override other provisions of Act. Section 45ZA — Inflation target. Section 45ZB — Constitution of Monetary Policy Committee. Section 45ZC — Eligibility and selection of Members appointed by Central Government. Section 45ZD — Terms and conditions of appointment of Members of Monetary Policy Committee. Section 45ZE — Removal of Members of Monetary Policy Committee. Section 45ZF — Vacancies, etc., not to invalidate proceedings of Monetary Policy Committee. Section 45ZG — Secretary to Monetary Policy Committee. Section 45ZH — Information for Monetary Policy Committee Members. Section 45Z-I — Meetings of Monetary Policy Committee. Section 45ZJ — Steps to be taken to implement decision of Monetary Policy Committee. Section 45ZK — Publication of decisions. Section 45ZL — Publication of proceedings of meeting of Monetary Policy Committee. Section 45ZM — Monetary Policy Report. Section 45ZN — Failure to maintain inflation target. Section 45ZO — Power to make rules. Section 46 — Contribution by Central Government to the Reserve Fund. Section 46A — Contribution to National Rural Credit (Long Term Operations) Fund and Nation al Rural Credit (Stabilisation) Fund. Section 46C — National Industrial Credit (Long Term Operations) Fund. Section 46D — National Housing Credit (Long Term Operations) Fund. Section 47 — Allocation of surplus profits. Section 48 — Exemption of Banks from income-tax and super-tax. Section 49 — Publication of Bank rate. Section 50 — Auditors. Section 51 — Appointment of special auditors by Government. Section 52 — Powers and duties of auditors. Section 53 — Returns. Section 54 — Rural Credit and Development. Section 54A — Delegation of powers. Section 54AA — Power of Bank to depute its employees to other institutions. Section 55 — [Omitted.]. Section 56 — [Omitted.]. Section 57 — Liquidation of the Bank. Section 57A — Powers of Bank not to apply to International Financial Services Centre. Section 58 — Power of the Central Board to make regulations. Section 58A — Protection of action taken in good faith. Section 58B — Penalties. Section 58C — Offences by companies. Section 58D — Application of section 58B barred. Section 58E — Cognizance of offences. Section 58F — Application of fine. Section 58G — Power of Bank to impose fine. Section 59 — [Repealed.]. Section 60 — [Repealed.]. Section 61 — [Repealed.]. Lexace India is a legal-information & technology platform — not a law firm. It does not advertise, solicit work, or provide legal advice, and no advocate–client relationship is created. Bare-act text for general information; verify against the official source.