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. Banking regulation act, 1949, precluding the court from scrutinising the rate of. 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. Banks may ask you for your religion details 21 dec, 2019, 12. May 19, 2020 this penalty of rs 50 lakh was imposed by the rbi on the bank under various sections of the banking regulation act, 1949. Summary of important sections of banking regulation act. The banking regulation act 1949 is a legislation in india that regulates all banking firms in india. Buy banking regulation act 1949 book online at best prices in india on.
April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. An act to consolidate and amend the law relating to banking 2. Control and regulations of banks under the banking regulations act, 1949 banking is a unique industry in the sense that the bulk of its working funds are derived fiom demand and time deposits. No banking company shall carry on business in india, unless it satisfies the following conditions, namely. It is therefore in the national interest that legislative safeguards be provided so that it gives a flavour of. Passed as the banking companies act 1949, it came into force wef 16 march 1949 and changed to banking regulations act 1949 wef 01. Penalties prescribed under the banking regulation act, 1949. The act regulates entry into banking business by licensing. Oct 15, 2014 text of remaining provisions of allied acts referred to in incometax act section 5 c of banking regulation act, 1949 interpretation. Download the banking regulation act, 1949 notes by pdf online. Aug 23, 2010 the banking regulation act was passed as the banking companies act 1949 and came into force wef 16. Banking regulation act 1949 as applicable to co operative.
Other important sections of banking regulation act, 1949. Indian banking structure origin and evolution of banking institutions types and functions of banks commercial banks commercial banks functions banking companies in india rbi constitution, management and functions banking regulation act, 1949 state bank of. Substantial interest i in relation to a company, means the holding of a beneficial interest by an individual or his spouse or minor child, whether singly or taken together, in the shares thereof, the amount. Buy the banking regulation act, 1949 notes by pdf online from company secretary.
In terms of these provisions, banks cannot, without the prior approval of the reserve bank of india rbi, open a new place of business in india or outside india or change, otherwise than within the same city, town or village, the location of the existing place of business. Punishments for certain activities in relation to banking companies. Short title, extent and commencement 1 this act may be called the banking 2regulation act, 1949. If you would like to participate, please visit the project page, where you can join the discussion and see a list of open tasks. Ca final banking regulation act 1949 hand written notes in pdf format. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. Sec 5 b of the act defines banking as, accepting for the purpose of lending or investment, of deposits of money from the public, repayable on demand or other wise, and withdrawable by cheque. It regulates and supervises the functioning of the commercial banks in india. Banking regulation act 1949 blogs, comments and archive news on. The act also puts restrictions on the shareholding, directorship, voting rights and other aspects of banking companies. Start this article has been rated as startclass on the projects quality scale. Subsequently it was changed to banking regulations act 1949 wef 01. Amending act1 banking regulation amendment and miscellaneous provisions act, 2004 amending actii banking regulation amendment act, 2007 save judgments add notes store search result sets organizer client files start your free trial today.
Banking regulation act 1949 and important sections pdf. Study material for bank promotion banking regulation act. Nomination under section 45 za of the banking regulation act, 1949 and rule 21 of. 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.
Text of remaining provisions of allied acts referred to in incometax act section 5 c of banking regulation act, 1949 interpretation. They regulate the flow of money throughout the economy. An order under subsection 4 whether made before or after the commencement of section 19 of the banking laws miscellaneous provisions act, 1963 55 of 1963 shall be conclusive evidence that all the requirements of this section relating to amalgamation have been complied with, and a copy of the said order certified in writing by an. In this act, unless there is anything repugnant in the subject or context, c banking company means any company which transacts the business of banking in india.
Download free sample and get upto 30% off on mrprental. Jan 17, 2017 study material for bank promotion banking regulation act published by jai on january 17, 2017 january 17, 2017 in this series of study material for bank promotion, these are brief notes on banking regulation act. Banking law unit i llb class notes adv gr rajesh kumar. In this backdrop, in march 1949, a special legislation, called the banking companies act, 1949, applicable exclusively to the banking companies, was passed. The banking regulation act, 1949 reserve bank of india. Provisions of the banking regulation act, 1949 are not in substitution of other laws applicable, unless. These sections deal with the provisions related to paid up capital, reserves, subscribed capital and authorised capital, voting rights of shareholders and their terms and conditions. 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. Banking regulation act 1949 complete act citation 51742. Banking regulation act 1949 law relating to banking and for regulating the banking companies and cooperative banks. Corporate governance in the banking sector is not just a formality but a dire need of society. Ca final banking regulation act 1949 hand written notes in pdf. Banking regulation act, 1949 banking company bankexamstoday.
Banking regulation act 1949 section 20 citation 38680. Regulation of paidup capital, subscribed capital and authorised capital and voting rights of shareholders. Extracts of provisions contained in various acts regulation schemenotifications applicable for election of shareholders directors the banking regulation act, 1949 section 5 ne. Banking regulation act 1949 latest breaking news, pictures, videos, and special reports from the economic times.
Substantial interest i in relation to a company, means the holding of a beneficial interest by an individual or his. Companies act 1956 defining company, negotiable instrument act defining public holiday. Banking regulation act 1949 copy reserve bank of india. Provisions of rbi act 1935, banking regulation act 1949, prevention of money laundering act, 2002. 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. Whereas it is expedient to consolidate and amend the law relating to banking 2. Buy banking regulation act, 1949 book online at best prices in india on. Summary of some important sections is provided hereunder. Download banking regulation act 1949 in pdf format. Principal provisions of banking regulation act, 1949. The banking regulation act, 1949 as applicable to cooperative societies objectives of the banking regulation act broadly are.
Ajai johnson 1216305 in any country the major portion of monetary resources lies with banking institutions. An act to consolidate and amend the law relating to banking 1. Jun 15, 2018 banking regulation act 1949 amendment 2017. Banking companies nomination rules, 1985 in respect of bank deposits iwe names and addresses nominate the following per. Other important sections of banking regulation act, 1949 some other important provisions prescribed in the banking regulation act, interalia includes. Banking regulation act 1949 16 th march 1949 ramees k abdul aziz roll no. Any economy needs these banking institutions to facilitate the normal conduct of the day to day industry, trade and commerce activity of the country.
Provisions of rbi act 1935, banking regulation act 1949, prevention of money. The banking regulation act was passed as the banking companies act 1949 and came into force wef 16. It was amended and renamed as banking regulation act, 1949 and extended to the cooperative banks from 1 march 1966 as the banking regulation act, 1949 as applicable to cooperative societies b r act, 1949 aacs. All about corporate governance in the banking sector. Reserve bank of india act, 1934 16 banking regulation act, 1949 16 setting up of a new bank 18 branch licensing 19 branch authorisation policy for commercial banks 19 new bank licensing policy, 20 20 banks share holders and their rights 23 cash reserve ratio 24 statutory liquidity ratio slr 26 currency chests 28 currency printing and. Buy banking regulation act 1949 book online at low. 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 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. The banking regulation act 1949 extends to whole of india. Confidence is the sine qua non for its organic and orderly growth. Until the court orders for the liquidation of a banking company, it continues to exist in its original form, even though the proceedings for its liquidation are started under section 194 of the companies act. Summary of important sections of banking regulation act mba. The act vested in the reserve bank the responsibility relating to licensing of banks, branch expansion, liquidity of their assets, management and.
To acquire specialized knowledge of law and practice relating to banking detailed contents. Act to apply to cooperative societies in certain cases 4. Banking regulation act 1949 securities finance banks. 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. The high denomination bank notes demonetisation act, 1978 the incometax act. Section 23 of banking regulation act, 1949 aacs extending valueadded services through atms. Banking regulation act 1949 schedule iii citation 38791. The act was originally in force from 16 march 1949 as the banking companies act, 1949. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in.
Banking regulation act 1949 copy free download as powerpoint presentation. Banking regulation act, 1949 bare acts law library. Buy banking regulation act, 1949 book online at low prices. In the banking regulation act, 1949 hereinafter referred to as the principal act, after section 35a, the following sections shall be inserted. In this file you may find very simple hand written notes for banking regulation act 1949. The following points highlight the eleven provisions of banking regulation act. In almost every country in the world, there is a watchdog like rbi which monitors all the transactions and activities undertaken by the banks and regulate the business of the bank by making them submit regular reports related to the business. In terms of subsection 2 of section 22 of the banking regulation act, 1949 as applicable to cooperative societies, the primary urban cooperative banks existing in the country as on march 1, 1966, when some banking laws were applied to ucbs, were required to apply to the reserve bank of india. The records can be maintained in any form such manual records. Application of other laws not barred 3 act to apply to cooperative societies in certain cases. There are many provisions of banking regulation act 1949 and we are going to the topic about business of banking companies. It was passed in parliament in february 1949 and the banking regulation act 1949 came to exist from 16th march 1949.