Provisions of rbi act 1935, banking regulation act 1949, prevention of money laundering act, 2002. Other important sections of banking regulation act, 1949. Act to apply to cooperative societies in certain cases 4. Jun 07, 2019 posted by ibc laws on june 11, 2018 april 15, 2019 in banking regulation act, 1949 leave a comment the banking regulation amendment act, 2017 no. Short title, extent and commencement 1 this act may be called.
In this backdrop, in march 1949, a special legislation, called the banking companies act, 1949, applicable exclusively to the banking companies, was passed. The main features of the banking regulation act are as follows. Buy banking regulation act, 1949 book online at best prices in india on. It contained various aspects related to banking in india. The banking regulation act 1949 has 56 sections in total. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. An act to consolidate and amend the law relating to banking 2. 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 latest breaking news, pictures, videos, and special reports from the economic times. 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.
Banking regulation act 1949 blogs, comments and archive news on. Banking regulation act 1949 as applicable to co operative. Buy banking regulation act 1949 book online at low. Banking regulation cooperative societies rules, 1966. The following are the important provisions under banking regulation act, 1949 regarding control and regulation of banking sector in india. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. The banking regulation act, 1949 as applicable to cooperative societies objectives of the banking regulation act broadly are. The banking regulation act, 1949legislative department ministry. Principal provisions of banking regulation act, 1949. Banking regulation act 1949 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, banking regulation act 1949 national security, others, procedural and administration, property related, public utilities, shipping laws, tax.
Save judgments add notes store search result sets organizer client files start your free trial today. Confidence is the sine qua non for its organic and orderly growth. Due to mushrooming growth in banks with inadequate capital dishonest management speculative investment appointment of incompetent directors for long periods poor liquidity of funds. Banking regulation act 1949 book by taxmann cakart. The banking regulation act was passed as the banking companies act 1949 and came into force wef 16. Banking regulation act, 1949 bare acts law library. Study material for bank promotion banking regulation act. All scheduled commercial banks excluding rrbs dear sir, section 19 of the banking regulation act, 1949. Banks were under the control of indian companies act. It regulates and supervises the functioning of the commercial banks in india. The act was originally in force from 16 march 1949 as the banking companies act, 1949. Banking regulation act 1949 indian bare acts india bare. This penalty of rs 50 lakh was imposed by the rbi on the bank under various sections of the banking regulation act, 1949. Discuss the salient features of the indian banking.
Amending actii banking regulation amendment act, 2007. Buy banking regulation act, 1949 book online at low prices. 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. 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. In this series of study material for bank promotion, these are brief notes on banking regulation act.
Banking regulation act, 1949 origin of the act no separate legislation till 1949. Summary of important sections of banking regulation act. There was initially 55 sections but in 1965 the banking regulation act 1949 was amended to include cooperative banks in the 56th section. 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. The book banking regulation act 1949 book by taxmann is available at. This act contains two categories of provisions a built in safeguards and b power and consequential functions and responsibilities of the reserve bank of india. The publisher of the book is taxmann publications pvt. Text of remaining provisions of allied acts referred to in incometax act section 5 c of banking regulation act, 1949 interpretation. May 06, 2020 this penalty of rs 50 lakh was imposed by the rbi on the bank under various sections of the banking regulation act, 1949. 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. Section 24 of the banking regulation act, 1949 maintenance of. Where a deposit is held by a banking company to the credit of one or more persons, the depositor or, as the case may be, all the depositors together, may nominate.
In exercise of the powers conferred by section 52 read with clause zf of section 56 of the banking regulation act, 1949 10 of 1949, and after consultation with. The other important provisions were pertaining to the. Latest stories on features of banking regulation act 1949. The records can be maintained in any form such manual records. The union cabinet on wednesday cleared an ordinance proposing amendment in the banking regulation act, 1949 that empowers the reserve bank of india to license banks and work as a banking. Jan 17, 2017 in this series of study material for bank promotion, these are brief notes on banking regulation act. Section 19 of the banking regulation act, 1949 equity investments in subsidiaries and other companies draft guidelines. An act to consolidate and amend the law relating to banking 1. Other important sections of banking regulation act, 1949 some other important provisions prescribed in the banking regulation act, interalia includes. Read this article to learn about the following important principal provisions of banking regulation act, 1949 i. Banking regulation act 1949 schedule iii citation 38791.
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. Summary of some important sections is provided hereunder. The table of content or a quick excerpt on the book has been provided on the book page. You can check the latest availability by visiting cakart books. What are the main provisions of banking regulation act, 1949. 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. The requirements regarding the minimum paidup capital and reserves for commence mint of banking business. Banking regulation act, 1949 free download as powerpoint presentation. Never miss an important news, articles, videos and blogs on features of banking. 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. Section 24 of the banking regulation act, 1949 maintenance. Whereas it is expedient to consolidate and amend the law relating to banking 2. 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.
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. Buy banking regulation act 1949 book online at best prices in india on. Banking regulation act 1949 copy reserve bank of india. Chapter 1 addresses the question of why banks are regulated in order to establish the basic purposes, rationale, and goals for bank ing regulation, and to provide a framework for evaluating bank regulations.
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 act, 1949 1 0 of 1949, and after consultation with the reserve bank, the central government is pleased to make the following rules. Banking regulation act 1949 complete act citation 51742. Penalties prescribed under the banking regulation act, 1949.
Section 19 of the banking regulation act, 1949 section 19. 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. 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. 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. Banking regulation act, 1949 financial services banks. 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. It is therefore in the national interest that legislative safeguards be provided so that it gives a flavour of. The banking regulation act, 1949 came into force on march 16, 1949. The following points highlight the eleven provisions of banking regulation act.
Oct 15, 2014 text of remaining provisions of allied acts referred to in incometax act section 5 c of banking regulation act, 1949 interpretation. Subsequently it was changed to banking regulations act 1949 wef 01. Section 19 of the banking regulation act, 1949 equity. The banking regulation act came into existence in 1949. Banking regulation act 1949 16 th march 1949 ramees k abdul aziz roll no. As per the statement of objects and reasons, the main features of the enactment are. Banking regulation c ompanies rules, 1949 in exercise of. Read the underlined words carefully as they are important part of definition on which questions may be based. Start this article has been rated as startclass on the projects quality scale.
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