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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Maintenance of a percentage of assets. This page was last edited on 20 Novemberat March, ] Contents Sections Particulars Part I Preliminary 1 Short title, extent and commencement 2 Application of other laws not barreds 3 Act to apply to co-operative societies in certain cases 4 Power to suspend operation of Act 5 Interpretation 5A Act to override memorandum, articles, etc.

Restrictions on loans and advances. Restriction on acceptance of deposits withdrawable by cheque. Display of audited balance-sheet by companies incorporated outside India. Application of certain provisions to the State Bank of India and other notified banks.

By using this site, you agree to the Terms of Use and Privacy Policy. Special provisions for punishing offences in relation to banking companies being wound up. Punishments for certain activities in relation to banking companies. Power to remove difficulties. Provided that the co-operative bank shall also send an advance copy of the application directly to the Reserve Bank.

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Unlawful Activities Prevention Act.

Banking Regulation Act, 1949

Act to override memorandum, articles, etc. Public examination of Directors and Auditors. Special provisions to make calls on contributories. Power to Reserve Bank to impose penalty. Power of Central Acg to make rules for the preservation of records.

Restriction on commission, brokerage, discount, etc. Preferential payments to depositors. Part IIIA to override other laws. Power to exempt in certain cases. Citedby docs – [ View All ].

Section 23 in BANKING REGULATION ACT,

Power of the Central Government to make scheme. Board of Directors to include persons with professional or other experience. Prohibition of floating charge on assets. Return of unclaimed deposits. Requirement as to minimum paid-up capital and reserves.

Power of Reserve Bank to control advances by banking companies. 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.

Amendments of provisions relating to appointments of Managing Directors, etc. Nomination for return of articles kept in safe custody with banking company.

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Chairman and certain Directors not to be required to hold qualification shares. Requirement as to minimum paid-up capital and reserves.

Settlement of list of debtors. Nomination for payment of depositors’ money.

Notice of claims of other persons regarding safety lockers not receivable. Change of name by banking company. Amendment of Act 2 of Part II Business Of Brr Companies 6 Form and business in which banking companies may engage 7 Use of words “bank”, “banker”, “banking” or “banking company” 8 Prohibition of trading brr Disposal of non-banking assets 10 Prohibition of employment of Managing Agents and restrictions on certain forms of employment 10A Board of Directors to include persons with professional or other experience 10B Banking company to be managed by whole-time Chairman 10BB Power of Reserve Bank to appoint Chairman of a banking company 10C Chairman and acg Directors not to be required to hold qualification shares 10D Provisions of sections 10A and 10B to override all other laws, contracts, etc.