The Banning of Unregulated Deposit Schemes Act, 2019 · II — BANNING OF UNREGULATED DEPOSIT SCHEMES

Section 4. Fraudulent default in Regulated Deposit Schemes

In force · As amended up to 2026-08

4. Fraudulent default in Regulated Deposit Schemes. —No deposit taker, while accepting deposits pursuant to a Regulated Deposit Scheme, shall commit any fraudulent default in the repayment or return of deposit on maturity or in rendering any specified service promised against such deposit.

Source: India Code