What are the important rules of banking regulation act, 1949. Power of reserve bank to appoint chairman of the board of directors appointed on a wholetime basis or a managing director of a banking company. Section 23 restrictions on opening of new, and transfer of existing, places of business. An act made to make provisions for banking companies. Banking act ofthe federal republic of germany kreditwesengesetz, kwg page 1 of81 banking act kreditwesengesetz, kwg long title. Treasury on the code of practice under section 102b of the act. Guidelines respecting control in fact for the purpose of section 377. Section 36a certain provisions of the act not to apply to certain banking. Power of reserve bank to appoint chairman of a banking company. 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.
The returns to be submitted under section 26 and subsection 1 of section 27 shall be. The following points highlight the eleven provisions of banking regulation act. Regulation e electronic fund transfer act the electronic fund transfer act efta 15 u. Act, 2002 39 of 2002 and licensed to undertake business of banking by the reserve bank under the provisions of the banking regulation act, 1949 10 of 1949. Germany chapter to banking regulation 2020 does not exists. Establishment of depositor education and awareness fund 1 the reserve bank shall establish a fund to be called the depositor education and awareness fund hereafter in this section referred to as the fund. The banking services act, 2014 act of 2014 arrangement of sections i part i. Aug 26, 2011 provisions of the banking regulation act, 1949 are not in substitution of other laws applicable, unless otherwise expressly said section 2 sub 56 b act is not applicable to 1 primary agricultural society 2 cooperative land mortgage bank 3 any other cooperative society except as provided by sec. Head of financial regulation may issue suspension notice, etc. But, 1965 it was amended to make it applicable to cooperative banks. The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team.
Section 28 allows the rbi to form rules regarding the exchange of damaged and imperfect notes. The banking regulation act, 1949 reserve bank of india. Section 3 was amended by paragraph 4 of schedule 17 to the financial services act 2012 c. In accordance with the authority this version of the banks act may only be used for internal purposes. In section 5 of the banking regulation act, 1949 hereafter in this chapter referred. The banking regulation act, 1949 is legislation in india that regulates all banking firms in india. Short title, extent and commencement 1 this act may be called the banking 2 regulation act, 1949. Section 23 of banking regulation act, 1949 third party transfer of funds through atms dbod. The south african reserve bank was established by section 9 of the currency and banking act, 1920 act no 31 of 1920 and is governed by the south african reserve bank act, 1989 act no 90 of 1989, as amended. Provided that in the case of money deposited for a fixed period the said term of. Acquisition of the undertakings of banking companies. It became applicable to jammu and kashmir from 1956.
Every banking company shall, within thirty days after the close of each calendar year, submit a return in the prescribed form and manner to the reserve bank as at the end of such calendar year of all accounts 1in india which have not been operated upon for ten years 2. The 2004 act repealed the former banking act 1971 and foreign exchange dealers act 1995, and consolidated the laws relating. The system of recognition and licensing by the bank 3. Banking regulation act, 1949 was enacted on 10 march 1949 and came to effect on 16 march 1949. Some of the important sections of banking regulation acts 1949 are as under. Section 19 of the federal deposit insurance act fdi act, prohibits, except with the prior written consent of the fdic, any person who has been convicted of any criminal offense involving dishonesty, breach of trust, or money laundering.
Important sections in banking regulation act 1949 aspirants. Act to apply cooperative societies in certain cases. The banking regulation act, 1949 national bank for. Important sections in reserve bank of india rbi act 1934. Provisions of the banking regulation act, 1949 are not in substitution of other laws applicable, unless otherwise expressly said section 2 sub 56 b act is not applicable to 1 primary agricultural society 2 cooperative land mortgage bank 3 any other cooperative society except as provided by sec. Banking regulation cooperative societies rules, 1966. The 2004 act is the enabling legislation for all financial institutions falling under the purview of the bank of mauritius. Act 372 banking and financial institutions act 1989.
The reserve bank or the national bank, or both, if they consider it in the public. Act 276 islamic banking act 1983 bank negara malaysia. Changes we have not yet applied to the text, can be found in the changes to legislation area. Full text containing the act, banking regulation act, 1949, with all the sections, schedules, short title, enactment date, and footnotes. Unfair and deceptive practices federal trade commission act fdic consumer compliance examination manual december 2018 vii1.
The updating and uploading of rules, regulations, notifications, etc. Section 26 in banking regulation act,1949 indian kanoon. Bank act 5158 kb act current to 20200402 and last amended on 20190621. Memorandum or articles of a banking company any agreement executed by it any resolution passed by the banking company in general meeting or by its board of. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. The banking regulation act, 1949 contents introduction. The banking services act, 2014 parliament of jamaica. As per paragraph 3vi of the scheme, banks shall calculate the cumulative balances in all accounts along with interest accrued, as on the day prior to the effective date, i. Act 372 banking and financial institutions act 1989 date of royal assent 23aug1989 date of publication in the gazette 24aug1989 an act to provide new laws for the licensing and regulation of institutions carrying on banking, finance company, merchant banking, discount house and moneybroking businesses, for. In this clause, scheduled bank means a bank, not being a cooperative bank, transacting any business authorised by the banking regulation act, 1949 10 of 1949.
In these regulations, unless the context otherwise requires accounting standards has the same meaning as in section 41 of the companies act cap. Banking regulation act, 1949 bare acts law library. Restrictions on opening of new, and transfer of existing, places of business. Section 26 submission of annual accounts, management report and audit. The depositor education and awareness fund scheme, 2014. Use of words bank, banker, banking or banking company. Act to have overriding effect section 5a of the banking regulation act, 1949 provides that the provisions of this act shall have effect notwithstanding anything to the contrary contained in. This regulation remakes the banking regulations 1966 before its sunset date. After section 26 of the principal act, the following section shall be inserted. Public financial institutions obligation as to fidelity and secrecy act, 1983 24. Banking and financial services act an act to provide for the regulation of the conduct of banking and financial services. Dec 29, 2016 act to have overriding effect section 5a of the banking regulation act, 1949 provides that the provisions of this act shall have effect notwithstanding anything to the contrary contained in. Jun 11, 2018 the banking regulation amendment act, 2017 no.
Section 21 power of reserve bank to control advances by banking companies. Principles to take into account when performing functions. These regulations may be cited as the banking regulations. Interpretation of the antitying restrictions in section 106 of the bank holding company act amendments of 1970, related supervisory guidance, and an exception under section 106 for financial subsidiaries of state nonmember banks comments due september 30, 2003 press release and notice. Section 21a rates of interest charged by banking companies not to be subject to. Banking laws amendment act, 2012 department of financial. An act to regulate banking, to make provision for the protection of the currency and of the public credit of the commonwealth, and for other purposes. The banking regulation act, 1949 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 section 5a act to override memorandum, articles, etc. Whereas it is expedient to make provisions for banking companies therefore the following act is hereby passed. Establishment of depositor education and awareness fund. Prohibition under section 19 of the federal deposit insurance fdi act. Section 105 of the bank holding company act amendments of 1970 12 u. The banking and financial institutions act, 2006banking and financial institutions arrangement of sections part i preliminary provisions section title 1. Updating and uploading of all central acts available on this web page is the proprietary of the legislative department in the ministry of law and justice.
Rate of interest charged by banking companies not to be subject to scrutiny by courts. The banking act 2004 2004 act was enacted in october 2004 and came into operation by proclamation on 10 november 2004. In the banking regulation act, 1949 hereinafter referred to as the principal act, after section 35a, the following sections shall be inserted. Section 1a application of regulation eu no 57520 in respect of credit. Passed as the banking companies act 1949, it came into force wef 16 march 1949 and changed to banking regulations act 1949 wef 01. The reserve bank of india act 1934 is an act to constitute a reserve bank of india rbi and provide the central bank rbi with various powers to act as the central bank of india. Section 26a establishment of depositor education and awareness fund. There was initially 55 sections but in 1965 the banking regulation act 1949 was amended to include cooperative banks in the 56th section. Licence required to carry on banking business or trust business. Jun 20, 2016 please read on, what is section 29 of 1949 indian banking regulation act speaks about. Proviso to section 9 of the foreign contribution regulation act, 2010. Clad what is section 29 of indian banking regulation act. 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 regulation act 1949 and important sections pdf. Shravana 01,1925saka all scheduled commercial banks excluding rrbs and labs dear sir section 23 of banking regulation act, 1949 third party transfer of funds through atms. Note on section 522b section 522b had not yet come into operation on the date of the revision of this act. Banking act 1979 chapter 37 arrangement of sections part i control of deposittaking ambit of control section 1. Short title and read more banking regulation amendment act, 2017. Initially, the law was applicable only to banking companies. Section 31 in india only the rbi or the central government can issue and accept promissory notes that are payable on demand. The banking regulation cooperative societies rules, 1966. Banking regulation act, 1949, precluding the court from scrutinising the rate of interest under. Chapter 1 addresses the question of why banks are regulated in order to establish the basic purposes, rationale, and goals for banking regulation, and to provide a framework for evaluating bank regulations. Act 276 islamic banking act 1983 date of royal assent 9mar1983 date of publication in the gazette 10mar1983 an act to provide for the licensing and regulation of islamic banking business.
Prudential regulation authority pra the financial conduct authority. The banking regulation act 1949 has 56 sections in total. Power of reserve bank to control advances by banking companies. Usa patriot act title iii international money laundering.