During the 3month period beginning on the date of enactment of this act, the requirement relating to obtaining cash contributions from nonfederal sources under section 29c1 of the small business act 15 u. Users can get information on the act, its objectives, short title and commencement. 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. The purpose of this subchapter is to promote the fair and. The banking regulation act, 1949 national bank for. In terms of subsection 1 of section 19 of the banking regulation act, 1949, a banking company shall not form any subsidiary company except i for undertaking any business specified in clause a to o of the subsection 1 of section 6, i. This act may be cited as the banking and financial institutions act 1989, and shall come into force on such date. In section 5 of the banking regulation act, 1949 hereafter in this chapter referred. Find details about the banking laws amendment act, 2012 which comprises of amendments in the banking regulation act, 1949. Frank act transferred rulemaking authority under the efta from the board of governors of the federal reserve system to the consumer financial protection bureau cfpb. The industrial reconstruction bank of india act, 1984 62 of 1984 69. The financial sector regulation act 9 of 2017 intends. The entire law is often referred to as the glasssteagall act, after its congressional sponsors, senator carter glass of virginia.
The act vests powers in the rbi to grant licenses to banks as well as work as a banking regulator in india. The banking regulation act 1949 is a legislation in india, that states all banking firms will. The third schedule see section 29 1 form a form of balance sheet. The purpose of the bsa is to require united states u. Second schedule section 6 1 minimum criteria third schedule section 2 1, definition of scheduled business. The following words and terms, as used in this chapter, shall have the following meanings, unless the context clearly indicates otherwise. For subparagraph b ii of the definition of banking business in subsection 5 1 of the act, the activities of credit card acquiring and credit card issuing are banking business, if performed by a participant in a credit card scheme that was designated as a payment system under section 11 of the payment systems act on 11 april 2001. Initially, the law was applicable only to banking companies. The national bank for agricultural and rural development act, 1981 61 of 1981 67.
The 2004 act is the enabling legislation for all financial institutions falling under the purview of the bank of mauritius. Important sections in banking regulation act 1949 aspirants zone. Buy a2z current affairs septemberdecember 2019 q a pdf. The banks act, 1990 to provide for the regulation and supervision of the business of public companies taking. Notwithstanding anything contained in 73 section 149 of the companies act, 1956 1 of 1956, no banking company in existence on the commencement of this act, shall. Here we have listed the acts related to banking sector. Short title, extent and commencement 1 this act may be called the banking 2regulation act, 1949. Section 35a of the banking regulation act, 1949 vests power in the rbi to give directions to banks and can take action, to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the. Established the fdic and deposit insurance, and prohibited the payment of interest on demand deposits and limited rates payable on deposits. Fourth schedule section 103 offences and penalties part i preliminary short title and commencement. Banking regulation cooperative societies rules, 1966. Provisions of sections 10a and 10b to override all other laws, contracts, etc.
In accordance with the authority this version of the banks act may only be used for internal purposes. 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 exportimport bank of india act, 1981 28 of 1981 66. Section 19 of the banking regulation act, 1949 section 19. Act to apply to cooperative societies in certain cases. 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. Negotiable instrument act1881 the bankersbooks evidence act1891 the reservebank of india act1934 the industrial finance corporation of india act1948 the banking companies legal practitioner clients accounts act1949 the industrial disputes banking and insurance companies act1949. Banking regulation act 1949 and important sections updated. Short title, extent and commencement 1 this act may be called the banking 3 regulation act, 1949. Section 35a of the banking regulation act, 1949 aspirant.
Banking laws amendment act, 2012 department of financial. The following points highlight the eleven provisions of banking regulation act. In the banking regulation act, 1949 hereinafter referred to as the principal act, after section 35a, the following sections shall be inserted. Nothing in this act except section 34a shall apply to the industrial development bank of india, vide act 18 of 1964, section 34. This is a compilation of the banking act 1959 that shows the text of the law as amended and in force on 1 march 2017 the compilation date. Section 11 2 of the banking regulation act, 1949, states that no.
Whereas it is expedient to consolidate and amend the law relating to banking 2. Extended to dadra and nagar haveli by regulation 6 of 1963, section 2 and schedule i w. Section 105 of the bank holding company act amendments of 1970 12 u. Banking laws amendment act 2012 national portal of india. Guidelines respecting control in fact for the purpose of section 377. But, 1965 it was amended to make it applicable to cooperative banks and to introduce other changes. Banking regulation act, 1949 bare acts law library.
The 2004 act repealed the former banking act 1971 and foreign exchange dealers act 1995, and consolidated the laws relating. Banking regulation act, 1949 schedule iii bare act. Necessity for regulation as provided in this title. Banking regulation act 1949 schedule iii citation 38791. Act, 1934 2 of 1934 or the banking regulation act, 1949 10 of 1949 or the companies act, 1956 1 of 1956 shall have the meanings respectively assigned to them in those acts. Prohibition to commence or carry on business of credit information. An act to consolidate and amend the law relating to banking. 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. The banking regulation act 1949 has 56 sections in total. Frank wall street reform and consumer protection act dodd. The banking regulation act 1949 is a legislation in india that regulates all banking firms in india. Text of remaining provisions of allied acts referred to in incometax act section 5 c of banking regulation act, 1949 interpretation. The banking regulation act, 1949 reserve bank of india.
Section 11 requirement as to minimum paidup capital and reserves. 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. Under the provisions of section 11 of the banking regulation act, 1949 as applicable to cooperative societies, no primary urban cooperative bank can commence or carry on banking business if the real or exchangeable value of its paidup capital and reserves is. The banking act 2004 2004 act was enacted in october 2004 and came into operation by proclamation on 10 november 2004. Frank act also amended the efta and created a new system of consumer. There was initially 55 sections but in 1965 the banking regulation act 1949 was amended to include cooperative banks in the 56th section. Included the glass steagall act separating commercial and investment banking. This compilation includes commenced amendments made by act no. An act to consolidate and amend the law relating to banking 1 whereas it is expedient to consolidate and amend the law relating to banking 2. Act 372 banking and financial institutions act 1989.