In force · As amended up to 2026-08
45H. Chapter IIIB not to apply in certain cases.— The provisions of this Chapter shall not apply to the State Bank or a banking company as defined in section 5 of the[2] [Banking Regulation Act, 1949 (10 of 1949)] or[3] [a corresponding new bank as defined in clause (da) of section 5 of that Act or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959)] or[4] [a Regional Rural Bank or a co-operative bank] or a primary agricultural credit society or a primary credit society]:
Provided that for the purposes of this Chapter, the[5] [Tamil Nadu Industrial Investment Corporation Limited] shall not be deemed to be a banking company.
45-I. Definitions.— In this Chapter, unless the context otherwise requires, —
6 [(a) "business of a non-banking financial institution" means carrying on the business of a financial institution referred to in clause (c) and includes business of a non-banking financial company referred to in clause (f);]
7 [(aa)] "company" means a company as defined in section 3 of the Companies Act, 1956 (1 of 1956), and includes a foreign company within the meaning of section 591 of that Act;
(b) "corporation" means a corporation incorporated by an Act of any legislature;
8[(bb) "deposit" includes and shall be deemed always to have include any receipt of money by — way of deposit or loan or in any other form, but does not include,
(i) amounts raised by way of share capital;
(ii) amounts contributed as capital by partners of a firm;
(iii) amounts received from a scheduled bank or a co-operative bank or any other banking company as defined in clause (c) of section 5 of a Banking Regulation Act, 1949 (10 of 1949);
(iv) any amount received from, —
9* * * * *
(b) a State Financial Corporation,
1. Ins. by Act 55 of 1963, s. 5 (w.e.f. 1-2-1964).
2. Subs. by Act 51 of 1974, s. 3, for "Banking Companies Act, 1949" (w.e.f. 13-12-1974).
3. Subs. by Act 1 of 1984, s. 8, for "a banking institution notified under section 51 of that Act" (w.e.f. 15-2-1984).
4. Subs. by Act 21 of 1976, s. 33, for "a co-operative bank" (w.e.f. 26-9-1975).
5. Subs. by Act 51 of 1974, s. 16, for "Madras Industrial Investment Corporation Limited" (w.e.f. 13-12-1974).
6. Ins. by Act 23 of 1997, s. 2 (w.e.f. 9-1-1997).
7. Clause (a) renumbered as clause (aa) thereof by s. 2, ibid. (w.e.f. 9-1-1997).
8. Subs. by Act 1 of 1984, s. 9, for clause (bb) (w.e.f. 15-2-1984).
Source: India Code