In force · As amended up to 2026-08
2[ 49A. Restriction on acceptance of deposits withdrawable by cheque .—No person other than a banking company, the Reserve Bank, the State Bank of India or any other[3] [banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank] shall accept from the public deposits of money withdrawable by cheque:
Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.
Source: India Code