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Section 35A: Power of the Reserve Bank to give directions.

The Banking Regulation Act, 1949Central Act · Act 10 of 1949

[35A. Power of the Reserve Bank to give directions.--(1) Where the Reserve Bank is satisfied that--

(a) in the [public interest]; or

[(aa) in the interest of banking policy; or]

(b) to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors or in a manner prejudicial to the interests of the banking company; or

(c) to secure the proper management of any banking company generally,

it is necessary to issue directions to banking companies generally or to any banking company in particular, it may, from time to time, issue such directions as it deems fit, and the banking companies or the banking company, as the case may be, shall be bound to comply with such directions.

(2) The Reserve Bank may, on representation made to it or on its own motion, modify or cancel any direction issued under sub-section (1), and in so modifying or cancelling any direction may impose such conditions as it thinks fit, subject to which the modification or cancellation shall have effect.]

Where this provision sits

ActThe Banking Regulation Act, 1949
Section35A
Marginal notePower of the Reserve Bank to give directions.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it7

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 95 of 1956. . Ins. by Act 95 of 1956, s. 7 (w.e.f. 14-1-1957).
  • substituted, Act 7 of 1961. . Subs. by Act 7 of 1961, s. 2, for "national interest" (w.e.f. 24-3-1961).
  • inserted, Act 58 of 1968. . Ins. by Act 58 of 1968, s. 10, (w.e.f. 1-2-1969)

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