BANKING REGULATION ACT 1949

BANKING REGULATION  ACT 1949

1.       SEC5-B: BANKING-BANKING MEANS ACCEPTING FOR THE PURPOSE OF LENDING OR INVESTMENT OF DEPOSITS OF MONEY FROM PUBLIC REPAYABLE ON DEMAND OR OTHERWISE AND WITHDRAWABLE ANY CHEQUE, DRAFTS ORDER OR OTHERWISE.

2.       SEC5F: DEMAND LIABILITIES WHICH MUST BE MET ON DEMAND AND TIME MEANS LIABILITIES WHICH ARE NOT DEMAND LIABILITIES.

3.       SEC 6-1:BANKING BUSINESS(ACCEPTING DEPOSIT,DEALING IN BILLS ,COLLECTION OF BILLS,BORROWING MONEY,LENDING MONEY,MORTGAGES,INSURANCE BUSINESS).

4.       SEC19: PERMITS BANKS TO FROM SUBSIDIARY COMPANY FOR CERTAIN PURPOSES.

5.       SEC20: BANKS CANNOT GRANT LOAN AGAINST SECURITY OF THEIR OWN SHARES.

6.       SEC21A: RATE OF INTEREST CHARGED BY BANK ARE NOT SUBJECT TO SCRUTINY BY COURTS .

7.       SEC22: LICENSING OF BANKING COMPANIES- OBTAINING OF LICENCE FROM RBI IS ESSENTIAL.

8.       SEC24:SLR

9.       SEC26:UNCLAIMED DEPOSIT

10.   SEC30I: AUDITED BY QUALIFIED AUDITORS.

11.   SEC36: RBI CAN TERMINATE ANY CHAIRMAN OR ANY EMPLOYEE OF BANK WHERE IT CONSIDERS DESIRABLE TO DO SO.

12.   SEC45: SUSPENSION OF BANKING BUSINESS.

13.   SEC ZA-ZF: NOMINATION FACILITIES.

14.   SEC52: CENTRAL GOVT CAN MAKE RULES FOR ALL MATTER.