Jan 17, 2017 study material for bank promotion banking regulation act published by jai on january 17, 2017 january 17, 2017 in this series of study material for bank promotion, these are brief notes on banking regulation act. Whereas it is expedient to consolidate and amend the law relating to banking 2. Buy banking regulation act 1949 book online at best prices in india on. Other important sections of banking regulation act, 1949.
Any economy needs these banking institutions to facilitate the normal conduct of the day to day industry, trade and commerce activity of the country. Substantial interest i in relation to a company, means the holding of a beneficial interest by an individual or his. An act to consolidate and amend the law relating to banking 1. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. Banking regulation act 1949 latest breaking news, pictures, videos, and special reports from the economic times. Act to apply to cooperative societies in certain cases 4. The banking regulation act, 1949 is a legislation in india that regulates. The banking regulation act 1949 extends to whole of india. Substantial interest i in relation to a company, means the holding of a beneficial interest by an individual or his spouse or minor child, whether singly or taken together, in the shares thereof, the amount. An act to consolidate and amend the law relating to banking 2. Reserve bank of india act, 1934 16 banking regulation act, 1949 16 setting up of a new bank 18 branch licensing 19 branch authorisation policy for commercial banks 19 new bank licensing policy, 20 20 banks share holders and their rights 23 cash reserve ratio 24 statutory liquidity ratio slr 26 currency chests 28 currency printing and. Penalties prescribed under the banking regulation 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.
One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. They regulate the flow of money throughout the economy. The act regulates entry into banking business by licensing. The high denomination bank notes demonetisation act, 1978 the incometax act. Ca final banking regulation act 1949 hand written notes in pdf. In almost every country in the world, there is a watchdog like rbi which monitors all the transactions and activities undertaken by the banks and regulate the business of the bank by making them submit regular reports related to the business. Buy banking regulation act, 1949 book online at low prices. Banking regulation act 1949 complete act citation 51742. 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, precluding the court from scrutinising the rate of. Provisions of rbi act 1935, banking regulation act 1949, prevention of money.
The following points highlight the eleven provisions of banking regulation act. 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. It was passed in parliament in february 1949 and the banking regulation act 1949 came to exist from 16th march 1949. Banking regulation act 1949 as applicable to co operative. Confidence is the sine qua non for its organic and orderly growth. 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. Download the banking regulation act, 1949 notes by pdf online. Download banking regulation act 1949 in pdf format. The act also puts restrictions on the shareholding, directorship, voting rights and other aspects of banking companies.
The banking regulation act 1949 is a legislation in india that regulates all banking firms in india. Other important sections of banking regulation act, 1949 some other important provisions prescribed in the banking regulation act, interalia includes. Study material for bank promotion banking regulation act published by jai on january 17, 2017 january 17, 2017 in this series of study material for bank promotion, these are brief notes on banking regulation 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. Subsequently it was changed to banking regulations act 1949 wef 01. Banking regulation act, 1949 bare acts law library. Banking regulation act 1949 securities finance banks. It regulates and supervises the functioning of the commercial banks in india. Nomination under section 45 za of the banking regulation act, 1949 and rule 21 of. Summary of important sections of banking regulation act mba. Corporate governance in the banking sector is not just a formality but a dire need of society.
Banking regulation act 1949 copy free download as powerpoint presentation. Ajai johnson 1216305 in any country the major portion of monetary resources lies with banking institutions. Application of other laws not barred 3 act to apply to cooperative societies in certain cases. Which lateron got enacted as the banking regulation act, 1949 as printed and published in bare act form with short notes by universal law publishing co.
Buy banking regulation act, 1949 book online at best prices in india on. Study material for bank promotion banking regulation act. The banking regulation act was passed as the banking companies act 1949 and came into force wef 16. 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. Banking companies nomination rules, 1985 in respect of bank deposits iwe names and addresses nominate the following per. Banking regulation act 1949 the reserve bank of india act 1934 3. Banking regulation act 1949 blogs, comments and archive news on. Banking regulation act 1949 law relating to banking and for regulating the banking companies and cooperative banks.
Text of remaining provisions of allied acts referred to in incometax act section 5 c of banking regulation act, 1949 interpretation. Banking regulation act 1949 section 20 citation 38680. Companies act 1956 defining company, negotiable instrument act defining public holiday. To acquire specialized knowledge of law and practice relating to banking detailed contents. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. Summary of some important sections is provided hereunder. 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. In this backdrop, in march 1949, a special legislation, called the banking companies act, 1949, applicable exclusively to the banking companies, was passed. An order under subsection 4 whether made before or after the commencement of section 19 of the banking laws miscellaneous provisions act, 1963 55 of 1963 shall be conclusive evidence that all the requirements of this section relating to amalgamation have been complied with, and a copy of the said order certified in writing by an. 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. Buy banking regulation act 1949 book online at low. In this file you may find very simple hand written notes for banking regulation act 1949.
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. May 19, 2020 this penalty of rs 50 lakh was imposed by the rbi on the bank under various sections of the banking regulation act, 1949. Sec 5 b of the act defines banking as, accepting for the purpose of lending or investment, of deposits of money from the public, repayable on demand or other wise, and withdrawable by cheque. Buy the banking regulation act, 1949 notes by pdf online from company secretary. Passed as the banking companies act 1949, it came into force wef 16 march 1949 and changed to banking regulations act 1949 wef 01. The act was originally in force from 16 march 1949 as the banking companies act, 1949. Jun 15, 2018 banking regulation act 1949 amendment 2017. Principal provisions of banking regulation act, 1949. Banking regulation act, 1949 banking company bankexamstoday. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in. In the banking regulation act, 1949 hereinafter referred to as the principal act, after section 35a, the following sections shall be inserted. Banking regulation act 1949 and important sections pdf.
Important sections in banking regulation act 1949 aspirants zone. Banking law unit i llb class notes adv gr rajesh kumar. All about corporate governance in the banking sector. Banking regulation act 1949 16 th march 1949 ramees k abdul aziz roll no. Indian banking structure origin and evolution of banking institutions types and functions of banks commercial banks commercial banks functions banking companies in india rbi constitution, management and functions banking regulation act, 1949 state bank of.
There are many provisions of banking regulation act 1949 and we are going to the topic about business of banking companies. Banking regulation act 1949 copy reserve bank of india. Download free sample and get upto 30% off on mrprental. Ca final banking regulation act 1949 hand written notes in pdf format. Punishments for certain activities in relation to banking companies. Start this article has been rated as startclass on the projects quality scale.
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 banking and regulations act was enacted to safeguard the interest of the depositors and to control the abuse of powers by controlling the banks by any means necessary and to the interest of indian economy in general. Control and regulations of banks under the banking regulations act, 1949 banking is a unique industry in the sense that the bulk of its working funds are derived fiom demand and time deposits. The act vested in the reserve bank the responsibility relating to licensing of banks, branch expansion, liquidity of their assets, management and. Provisions of the banking regulation act, 1949 are not in substitution of other laws applicable, unless.
Banking regulation act 1949 schedule iii citation 38791. Extracts of provisions contained in various acts regulation schemenotifications applicable for election of shareholders directors the banking regulation act, 1949 section 5 ne. Short title, extent and commencement 1 this act may be called the banking 2regulation act, 1949. The records can be maintained in any form such manual records. 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. In terms of these provisions, banks cannot, without the prior approval of the reserve bank of india rbi, open a new place of business in india or outside india or change, otherwise than within the same city, town or village, the location of the existing place of business. Summary of important sections of banking regulation act. No banking company shall carry on business in india, unless it satisfies the following conditions, namely. Amending act1 banking regulation amendment and miscellaneous provisions act, 2004 amending actii banking regulation amendment act, 2007 save judgments add notes store search result sets organizer client files start your free trial today. 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. It is therefore in the national interest that legislative safeguards be provided so that it gives a flavour of. 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 apply to the reserve bank of india. Provisions of rbi act 1935, banking regulation act 1949, prevention of money laundering act, 2002. Regulation of paidup capital, subscribed capital and authorised capital and voting rights of shareholders.
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