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In force

The Reserve Bank of India Act, 1934

115 sections · As amended up to 2026-08

Sections

  1. 0Section 0
  2. IV — GENERAL PROVISIONS
  3. 1Subs. by Notification No. Ret. BC. 70/12.06.090/2004-05, dated 4th February, 2005, for "JP Morgan Chase Bank"
  4. 2Sub-clause (c) omitted by Act 62 of 1948, s. 7 and the Schedule (w.e.f. 1-1-1949)
  5. 3The word "its" omitted by s. 6, ibid . (w.e.f. 13-12-1974)
  6. 4"AlaknandaGramin Bank, Pauri (Uttar Pradesh)" excluded by RBI Notification No. RPCD.CO. RRB. No. 3230/03.05.100/2008-09, dated 22nd September, 2008
  7. 5Restored by Act 81 of 1985, s. 12 (w.e.f. 1-5-1986). Earlier sub-clause (a) omitted by Act 21 of 1978, s. 9 (date to be notified)
  8. 6"Satpura Narmada KeshtriyaGramin Bank, Chhindwara, Madhya Pradesh" excluded by RBI Notification No
  9. 7Included by RBI Notification No. DBOD.IBD. No. 13982/23.03.022/2010-11, dated 8th March, 2011
  10. 8Composition of the Central Board, and term of office of Directors
  11. 9Item (a) omitted by Act 53 of 2003, s. 12 and the Schedule (w.e.f. 2-7-2004)
  12. III — CENTRAL BANKING FUNCTIONS
  13. 10The word and letter "Part B" omitted by Act 37 of 1956, s. 104 (w.e.f. 1-11-1956)
  14. IV — GENERAL PROVISIONS
  15. 11Included by RBI Notification No. DBOD.IBD. No. 8739/23.03.018/2008-09, dated 4th December, 2008
  16. II — INCORPORATION,[15] [CAPITAL], MANAGEMENT AND BUSINESS
  17. 12Casual vacancies and absences
  18. 13Meetings of the Central Board
  19. IV — GENERAL PROVISIONS
  20. 14"BanaskanthaMehsanaGramin Bank, Patan (Gujarat)" excluded by RBI Notification No. RPCD.CO. RRB. No. 3230/03.05.100/2008-09, dated 22nd September, 2008
  21. 15"Bank Muscat" excluded by Notification No. Ret. BC. No. 73/12.06.115/2003-04, dated 2nd April, 2004
  22. II — INCORPORATION,[15] [CAPITAL], MANAGEMENT AND BUSINESS
  23. 17Business which the Bank may transact
  24. 18Power of direct discount
  25. 19Business which the Bank may not transact
  26. III — CENTRAL BANKING FUNCTIONS
  27. 20Obligation of the Bank to transact Government business
  28. 20A[Transaction of business for British Military Administration, Burma]
  29. 21Bank to have the right to transact Government business in India
  30. 21ABank to transact Government business of States on agreement
  31. 22Right to issue bank notes
  32. 22ANon-applicability of certain provisions to digital form of bank notes
  33. 23Issue Department
  34. 24Denominations of notes
  35. 25Form of bank notes
  36. 26Legal tender character of notes
  37. 26ACertain bank notes to cease to be legal tender
  38. 27Re-issue notes
  39. 28Recovery of notes lost, stolen, mutilated or imperfect
  40. 28AIssue of special bank notes and special one rupee notes in certain cases
  41. 29Bank exempt from stamp duty on bank notes
  42. 30Powers of Central Government to supersede Central Board
  43. 31Issue of demand bills and notes
  44. 33Assets of the Issue Department
  45. 34Liabilities of Issue Department
  46. 35[Initial assets and liabilities]
  47. 36[Method of dealing with fluctuations in rupee coin assets]
  48. 38Obligations of Government and the Bank in respect of rupee coin
  49. 39Obligation to supply different forms of currency
  50. 40Transactions in foreign exchange
  51. 42Cash reserves of scheduled banks to be kept with the Bank
  52. 43AProtection of action taken in good faith
  53. 44[Power to require returns from co-operative banks]
  54. 45Appointment of agents
  55. 45ADefinitions
  56. 45CPower to call for returns containing credit information
  57. 45DProcedure for furnishing credit information to banking companies
  58. 45EDisclosure of information prohibited
  59. 45FCertain claims for compensation barred
  60. 45HChapter IIIB not to apply in certain cases
  61. 45JBank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money
  62. 45JAPower of Bank to determine policy and issue directions
  63. 45KPower of Bank to collect information from non-banking institutions as to deposits and to give directions
  64. 45LPower of Bank to call for information from financial institutions and to give directions
  65. 45MDuty of non-banking institutions to furnish statements, etc., required by Bank
  66. 45MAPowers and duties of auditors
  67. 45MBPower of Bank to prohibit acceptance of deposit and alienation of assets
  68. 45MCPower of Bank to file winding up petition
  69. 45NInspection
  70. 45NADeposits not to be solicited by unauthorised person
  71. 45NCPower of Bank to exempt
  72. 45QChapter IIIB to override other laws
  73. 45QAPower of Company Law Board to offer repayment of deposit
  74. 45QBNomination by depositors
  75. 45RInterpretation
  76. 45SDeposits not to be accepted in certain cases
  77. 45TPower to issue search warrants
  78. 45VTransactions in derivatives
  79. 45WPower to regulate transactions in derivatives, money market instruments, etc
  80. 45XDuty to comply with directions and furnish information
  81. 45YJoint Mechanism
  82. 45ZProvisions of this Chapter to override other provisions of Act
  83. 45ZAInflation target
  84. 45ZBConstitution of Monetary Policy Committee
  85. 45ZCEligibility and selection of Members appointed by Central Government
  86. 45ZDTerms and conditions of appointment of Members of Monetary Policy Committee
  87. 45ZERemoval of Members of Monetary Policy Committee
  88. 45ZFVacancies, etc., not to invalidate proceedings of Monetary Policy Committee
  89. 45ZGSecretary to Monetary Policy Committee
  90. 45ZHInformation for Monetary Policy Committee Members
  91. 45ZJSteps to be taken to implement decision of Monetary Policy Committee
  92. 45ZKPublication of decisions
  93. 45ZLPublication of proceedings of meeting of Monetary Policy Committee
  94. 45ZMMonetary Policy Report
  95. 45ZNFailure to maintain inflation target
  96. 45ZOPower to make rules
  97. IV — GENERAL PROVISIONS
  98. 46Contribution by Central Government to the Reserve Fund
  99. 46AContribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilisation) Fund
  100. 46CNational Industrial Credit (Long Term Operations) Fund
  101. 46DNational Housing Credit (Long Term Operations) Fund
  102. 48Exemption of Banks from income-tax and super-tax
  103. 49Publication of Bank rate
  104. 50Auditors
  105. 51Appointment of special auditors by Government
  106. 52Powers and duties of auditors
  107. 53Returns
  108. 54Rural Credit and Development
  109. 54ADelegation of powers
  110. 54AAPower of Bank to depute its employees to other institutions
  111. 56[Power to require declaration as to ownership of registered shares]
  112. 57Liquidation of the Bank
  113. 58Power of the Central Board to make regulations
  114. 58AProtection of action taken in good faith
  115. 58BPenalties
  116. 58COffences by companies
  117. 58DApplication of section 58B barred
  118. 58ECognizance of offences
  119. 58FApplication of fine
  120. 58GPower of Bank to impose fine
  121. 60[Repeals]
  122. 61[Amendment of section II, Act VII of 1913]
  123. 1937Section 1937