Full text containing the act, Banking Regulation Act, , with all the sections, schedules, short title, enactment date, and footnotes. provisions of Banking Regulation Act, (As Applicable to Co-operative .. In terms of Section 24 of the Banking Regulation Act , (AACS), every. Primary. Section 23 of Banking Regulation Act, (AACS) – Extending Value-Added Services through ATMs. Please refer to our circular
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Banking Regulation Act, – Wikipedia
Prohibition of floating charge on assets. Rate of aacz charged by banking companies not to be subject to scrutiny by courts. Constitution of the Tribunal. The Act gives the Reserve Bank of India RBI the power to license banks, have regulation over shareholding and voting rights of shareholders; supervise the appointment of the acct and management; regulate the operations of banks; lay down instructions for audits; control moratoriummergers and liquidation ; issue directives in the interests of public good and on banking policy, and impose penalties.
Power to dispense with meetings of creditors, etc. Power to publish information.
Section 11 in BANKING REGULATION ACT,
It is hereby enacted as follows: Citedby docs – [ View All ]. Power of Reserve Bank to appoint Chairman of a banking bt.
Provided that nothing in clause b shall apply to the grant of unsecured loans or advances— a made by a co-operative bank—. The Act supplements the Companies Act, Provided that nothing in this sub-section shall apply to— a the opening for a period not exceeding one month of temporary place of business within a city, town or village or the environs thereof within which the co-operative bank already has a place of business, for the purpose of affording banking facilities to the public on the occasion of an exhibition, a conference or a mela or any like occasion.
Certain claims for compensation barred. aacx
Banking Regulation Act, 1949
Cooperative banks, which operate only in one state, are formed and run by the state government. Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation. Special provisions for assessing damages against delinquent Directors, etc.
Winding up by High Court.
Application of Companies Act to liquidators. Prohibition of common Directors. Procedure for amalgamation of banking companies. Application of certain provisions to the State Bank of India and other notified banks.
Enforcement of orders and bt of High Court. Power of the Central Government to make scheme. Display of audited balance-sheet by companies incorporated outside India.
Compensation to be given to shareholders of the acquired bank. Validation of certain proceedings.
Maintenance of a percentage of assets. Banking company to be managed by whole-time Chairman. Power to suspend operation of Act. Booked depositors’ credits to be deemed proved. Provided that this sub-clause shall not apply to the admission of a co-operative bank as a member by reason of such co-operative bank subscribing to the share capital of such co-operative society out of funds aads by the State Government for the purpose.
Return of paid instruments to customers. Special provisions for private banking companies. Restriction on acceptance of deposits withdrawable by cheque.
From Wikipedia, the free encyclopedia. Board of Directors to include persons with professional or other experience.