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In force

The Banking Regulation Act, 1949

124 sections · As amended up to 2026-08

Sections

  1. 0Section 0
  2. 1Subs. by Act 95 of 1956, s. 14 and the Sch., for "section 184 of the Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 14-1-1957)
  3. 2Explanation omitted by Act 58 of 1968, s. 18 (w.e.f. 1-2-1969)
  4. 3Subs. by Act 4 of 2013, s. 11, for "fifty thousand rupees" (w.e.f. 18-1-2013)
  5. 4Subs. by s. 11, ibid ., for "two thousand and five hundred rupees" (w.e.f. 18-1-2013). 5. Ins. by Act 95 of 1956, s. 10 (w.e.f. 14-1-1957)
  6. 5Added by Act 52 of 1953, s. 11 (w.e.f. 30-12-1953). 6. Sub-section (3) omitted by Act 1 of 1984, s. 41 (w.e.f. 15-2-1984)
  7. 5AAct to override memorandum, articles, etc
  8. 6S. 45 re-numbered as section 44B by Act 37 of 1960, s. 6 (w.e.f.19-9-1960)
  9. 7S. 44B re-numbered as sub-section (1) thereof by Act 52 of 1953, s. 9 (w.e.f. 30-12-1953)
  10. 8Ins. by Act 1 of 1984, s. 41 (w.e.f. 15-2-1984)
  11. 9Subs. by Act 55 of 1963, s. 20, for "unless the compromise or arrangement" (w.e.f. 1-2-1964). 10. Su
  12. 10Prohibition of employment of managing agents and restrictions on certain forms of employment
  13. 10ABoard of directors to include persons with professional or other experience
  14. 10BBanking company to be managed by whole time chairman
  15. 10BBPower of Reserve Bank to appoint 6[chairman of the Board of directors appointed on a whole-time basis or a managing director] of a banking company
  16. 10DProvisions of sections 10A and 10B to override all other laws, contracts, etc
  17. 11Requirement as to minimum paid-up capital and reserves
  18. 12Certain words omitted by Act 55 of 1963, s. 14 (w.e.f. 1-2-1964)
  19. 12AElection of new directors
  20. 12BRegulation of acquisition of shares or voting rights
  21. 13Restriction on commission, brokerage, discount, etc., on sale of shares
  22. 14Prohibition of charge on unpaid capital
  23. 14AProhibition of floating charge on assets
  24. 15Restrictions as to payment of dividend
  25. 16Prohibition of common directors
  26. 17Reserve Fund
  27. 18Cash reserve
  28. 19Restriction on nature of subsidiary companies
  29. 20Restrictions on loans and advances
  30. 20ARestrictions on power to remit debts
  31. 21Power of Reserve Bank to control advances by banking companies
  32. 22Licensing of banking companies
  33. 22AValidation of licences granted by Reserve Bank to multi-State co-operative societies
  34. 23Restrictions on opening of new and transfer of existing, places of business
  35. 24Maintenance of a percentage of assets
  36. 25Assets in India
  37. 26Return of unclaimed deposits
  38. 26AEstablishment of Depositor Education and Awareness Fund
  39. 27Monthly returns and power to call for other returns and information
  40. 28Power to publish information
  41. 29Accounts and balance-sheet
  42. 29APower in respect of associate enterprises
  43. 30Audit
  44. 31Submission of returns
  45. 32Copies of balance-sheets and accounts to be sent to registrar
  46. 33Display of audited balance-sheet by companies incorporated outside India
  47. 34Accounting provisions of this Act not retrospective
  48. 34AProtection of documents of confidential nature
  49. 35Inspection
  50. 35AAPower of Central Government to authorise Reserve Bank for issuing directions to
  51. 35ABPower of Reserve Bank to issue directions in respect of stressed assets
  52. 35BAmendments of provisions relating to appointments of managing directors, etc., to be
  53. 36Further powers and functions of Reserve Bank
  54. 36ACertain provisions of the Act not to apply to certain banking companies
  55. 36AAPower of Reserve Bank to remove managerial and other persons from office
  56. 36ABPower of Reserve Bank to appoint additional directors
  57. 36ACPart IIA to override other laws
  58. 36ADPunishments for certain activities in relation to banking companies
  59. 36AEPower of Central Government to acquire undertakings of banking companies in certain cases
  60. 36AFPower of the Central Government to make scheme
  61. 36AGCompensation to be given to shareholders of the acquired bank
  62. 36AHConstitution of the Tribunal
  63. 36AITribunal to have powers of a civil court
  64. 36AJProcedure of the Tribunal
  65. 37Suspension of business
  66. 38Winding up by High Court
  67. 38ACourt Liquidator
  68. 39AApplication of Companies Act to liquidators
  69. 40Stay of proceedings
  70. 41Preliminary report by official liquidator
  71. 41ANotice to preferential claimants and secured and unsecured creditors
  72. 42Power to dispense with meetings of creditors, etc
  73. 43Booked depositors' credits to be deemed proved
  74. 43APreferential payments to depositors
  75. 44Powers of High Court in voluntary winding up
  76. 44AProcedure for amalgamation of banking companies
  77. 45Section 45
  78. 45APart IIIA to override other laws
  79. 45BPower of High Court to decide all claims in respect of banking companies
  80. 45CTransfer of pending proceedings
  81. 45DSettlement of list of debtors
  82. 45ESpecial provisions to make calls on contributories
  83. 45FDocuments of banking company to be evidence
  84. 45GPublic examination of directors and auditors
  85. 45HSpecial provisions for assessing damages against delinquent directors, etc
  86. 45JSpecial provisions for punishing offences in relation to banking companies being wound up
  87. 45LPublic examination of directors and auditors, etc., in respect of a banking company under schemes of arrangement
  88. 45MSpecial provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act
  89. 45NAppeals
  90. 45PReserve Bank to tender advice in winding up proceedings
  91. 45QPower to inspect
  92. 45RPower to call for returns and information
  93. 45SChief presidency magistrate and district magistrate to assist official liquidator in taking charge of property of banking company being wound up
  94. 45TEnforcement of orders and decisions of High Court
  95. 45UPower of High Court to make rules
  96. 45VReferences to directors, etc., shall be construed as including references to past directors, etc
  97. 45WPart II not to apply to banking companies being wound up
  98. 45XValidation of certain proceedings
  99. 45YPower of Central Government to make rules for the preservation of records
  100. 45ZReturn of paid instruments to customers
  101. 45ZANomination for payment of depositors' money
  102. 45ZBNotice of claims of other persons regarding deposits not receivable
  103. 45ZCNomination for return of articles kept in safe custody with banking company
  104. 45ZDNotice of claims of other persons regarding articles not receivable
  105. 45ZERelease of contents of safety lockers
  106. 45ZFNotice of claims of other persons regarding safety lockers not receivable
  107. 45ZGPriority of successive nominations
  108. 46Penalties
  109. 46AChairman, director, etc., to be public servants for the purposes of Chapter IX of the Indian Penal Code
  110. 47Cognizance of offences
  111. 47APower of Reserve Bank to impose penalty
  112. 48Application of fines
  113. 49Special provisions for private banking companies
  114. 49ARestriction on acceptance of deposits withdrawable by cheque
  115. 49BChange of name by a banking company
  116. 49CAlteration of memorandum of a banking company
  117. 50Certain claims for compensation barred
  118. 51Application on of certain provisions to the State Bank of India and other notified banks
  119. 52Power of Central Government to make rules
  120. 53Power to exempt in certain cases
  121. 54Protection of action taken under Act
  122. 55Amendment of Act 2 of 1934
  123. 55APower to remove difficulties
  124. 56Act to apply to co-operative societies subject to modifications