The Banking Regulation Act, 1949

Act No. 10

10-Mar-1949

Section 1 — Short title, extent and commencement

1. Short title, extent and commencement .

(1)This Act may be called the Banking 3[Regulation] Act, 1949. 4[(2) It extends to the whole of India 5***.]

(3)It shall come into force on such date6 as the Central Government may, by notification in the Official Gazette, appoint in this behalf.

Section 2 — Application of other laws not barred

2. Application of other laws not barred .-The provisions of this Act shall be in addition to, and not, save as hereinafter expressly provide d, in derogation of the 7[Companies Act, 1956 (1 of 1956)] , any other law for the time being in force.

Section 3 — Act not to apply to certain co -operative societies

3. Act not to apply to certain co -operative societies. -Notwithstanding anything contained in the National Bank for Agriculture and Rural Development Ac t, 1981 (61 of 1981), this Act shall not apply to -

(a)a primary agricultural credit society; or

(b)a co -operative society whose primary object and principal business is providing of long - term finance for agricultural development, if such society does not use as part of its name, or in connection with its business, the words “bank”, “banker” or “banking” and does not act as drawee of cheques.]

Section 4 — Power to suspend operation of Act

4. Power to suspend operation of Act .

(1)The Central Government, if on a representation made by the Reserve Bank in this behalf is satisfied that it is expedient so to do, may by notification in the Official Gazette, suspend for such period, not exceeding sixty days, as may be specified in the notification, the operation of all or any of the provisions of this Act, either generally or in relation to any specified banking company.

(2)In a case of special emergency, the Governor of the Reserve Bank, or in his absence a Deputy Governor of the Reserve Bank nominated by him in this behalf may, by order in writing, exerci se the powers of the Central Government under sub -section ( 1) so however that the period of suspension shall not exceed thirty days, and where the Governor or the Deputy Governor, as the case may be, does so, he shall report the matter to the Central Gover nment forthwith, and the order shall, as soon as may be, be published in the Gazette of India.

Section 34

section 34.

Section 6 — 16th March, 1949, see Notification No. F. 4 (46) -FI/49, dated t he 10th March, 1949, Gazette of India, 1949, Part I.

6. 16th March, 1949, see Notification No. F. 4 (46) -FI/49, dated t he 10th March, 1949, Gazette of India, 1949, Part I.