The Reserve Bank of India Act, 1934

Central Act · Act 2 of 1934122 provisions44 citing judgments

The enactment

Full text, provision by provision

Every provision below opens in full, free and without an account.

• Section 1 Short title, extent and commencement.1 citing judgment
• Section 2 Definitions.4 citing judgments
• Section 3 Establishment and incorporation of Reserve Bank.4 citing judgments
• Section 4 Capital of the Bank.2 citing judgments
• Section 6 Offices, branches and agencies.1 citing judgment
• Section 7 Management.2 citing judgments
• Section 8 Composition of the Central Board, and term of office of Directors.
• Section 9 Local Boards, their constitution and functions.
• Section 10 Disqualifications of Directors and members of Local Boards.
• Section 11 Removal from and vacation of office.
• Section 12 Casual vacancies and absences.
• Section 13 Meetings of the Central Board.
• Section 17 Business which the Bank may transact.
• Section 18 Power of direct discount.
• Section 18A Validity of loan or advance not to be questioned.
• Section 19 Business which the Bank may not transact.
• Section 20 Obligation of the Bank to transact Government business.1 citing judgment
• Section 21 Bank to have the right to transact Government business in India.2 citing judgments
• Section 21A Bank to transact Government business of States on agreement.
• Section 21B Effect of agreements made between the Bank and certain States before the 1st November, 1956.
• Section 22 Right to issue bank notes.1 citing judgment
• Section 22A Non-applicability of certain provisions to digital form of bank notes
• Section 23 Issue Department.
• Section 24 Denominations of notes.1 citing judgment
• Section 25 Form of bank notes.
• Section 26 Legal tender character of notes.1 citing judgment
• Section 26A Certain bank notes to cease to be legal tender.
• Section 27 Re-issue notes.
• Section 28 Recovery of notes lost, stolen, mutilated or imperfect.
• Section 28A Issue of special bank notes and special one rupee notes in certain cases.
• Section 29 Bank exempt from stamp duty on bank notes.1 citing judgment
• Section 30 Powers of Central Government to supersede Central Board.1 citing judgment
• Section 31 Issue of demand bills and notes.
• Section 33 Assets of the Issue Department.
• Section 34 Liabilities of Issue Department.
• Section 37 Suspension of assets requirements as to foreign securities.
• Section 38 Obligations of Government and the Bank in respect of rupee coin.1 citing judgment
• Section 39 Obligation to supply different forms of currency.1 citing judgment
• Section 40 Transactions in foreign exchange.
• Section 41A [Omitted.].
• Section 42 Cash reserves of scheduled banks to be kept with the Bank.
• Section 43 Publication of consolidated statement by the Bank.1 citing judgment
• Section 43A Protection of action taken in good faith.
• Section 45 Appointment of agents.1 citing judgment
• Section 45-I Definitions.3 citing judgments
• Section 45-IC Reserve fund.
• Section 45-ID Power of Bank to remove directors from office.
• Section 45-IA Requirement of registration and net owned fund.
• Section 45-IB Maintenance of percentage of assets.
• Section 45-IE Supersession of Board of directors of non-banking financial company (Other than Government Company).2 citing judgments
• Section 45A Definitions.1 citing judgment
• Section 45B Power of Bank to collect credit information.
• Section 45C Power to call for returns containing credit information.
• Section 45D Procedure for furnishing credit information to banking companies.
• Section 45E Disclosure of information prohibited.
• Section 45F Certain claims for compensation barred.
• Section 45H Chapter IIIB not to apply in certain cases.
• Section 45J Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money.
• Section 45JA Power of Bank to determine policy and issue directions.
• Section 45K Power of Bank to collect information from non - banking institutions as to deposits and to give directions.
• Section 45L Power of Bank to call for information from financial institutions and to give directions.1 citing judgment
• Section 45M Duty of non-banking institutions to furnish statements, etc., required by Bank.
• Section 45MA Powers and duties of auditors.
• Section 45MAA Power to take action against auditors.
• Section 45MB Power of Bank to prohibit acceptance of deposit and alienation of assets.
• Section 45MBA Resolution of non-banking financial company.
• Section 45MC Power of Bank to file winding up petition.
• Section 45N Inspection.1 citing judgment
• Section 45NA Deposits not to be solicited by unauthorised person.
• Section 45NAA Power in respect of group companies.
• Section 45NB Disclosure of information.
• Section 45NC Power of Bank to exempt.
• Section 45Q Chapter IIIB to override other laws.
• Section 45QA Power of Company Law Board to offer repayment of deposit.
• Section 45QB Nomination by depositors.
• Section 45R Interpretation.
• Section 45S Deposits not to be accepted in certain cases.
• Section 45T Power to issue search warrants.
• Section 45U Definitions.
• Section 45V Transactions in derivatives.
• Section 45W Power to regulate transactions in derivatives, money market instruments, etc.
• Section 45X Duty to comply with directions and furnish information.
• Section 45Y Joint Mechanism.
• Section 45Z Provisions of this Chapter to override other provisions of Act.1 citing judgment
• Section 45Z-I Meetings of Monetary Policy Committee.
• Section 45ZA Inflation target.
• Section 45ZB Constitution of Monetary Policy Committee.
• Section 45ZC Eligibility and selection of Members appointed by Central Government.
• Section 45ZD Terms and conditions of appointment of Members of Monetary Policy Committee.
• Section 45ZE Removal of Members of Monetary Policy Committee.
• Section 45ZF Vacancies, etc., not to invalidate proceedings of Monetary Policy Committee.
• Section 45ZG Secretary to Monetary Policy Committee.
• Section 45ZH Information for Monetary Policy Committee Members.
• Section 45ZJ Steps to be taken to implement decision of Monetary Policy Committee.
• Section 45ZL Publication of proceedings of meeting of Monetary Policy Committee.
• Section 45ZM Monetary Policy Report.
• Section 45ZN Failure to maintain inflation target.
• Section 45ZO Power to make rules.1 citing judgment
• Section 46 Contribution by Central Government to the Reserve Fund.1 citing judgment
• Section 46A Contribution to National Rural Credit (Long Term Operations) Fund and Nation al Rural Credit (Stabilisation) Fund.
• Section 46C National Industrial Credit (Long Term Operations) Fund.
• Section 46D National Housing Credit (Long Term Operations) Fund.
• Section 47 Allocation of surplus profits.1 citing judgment
• Section 48 Exemption of Banks from income-tax and super-tax.1 citing judgment
• Section 49 Publication of Bank rate.1 citing judgment
• Section 50 Auditors.1 citing judgment
• Section 51 Appointment of special auditors by Government.1 citing judgment
• Section 52 Powers and duties of auditors.
• Section 53 Returns.
• Section 54 Rural Credit and Development.
• Section 54A Delegation of powers.
• Section 54AA Power of Bank to depute its employees to other institutions.
• Section 57 Liquidation of the Bank.
• Section 57A Powers of Bank not to apply to International Financial Services Centre.
• Section 58 Power of the Central Board to make regulations.2 citing judgments
• Section 58A Protection of action taken in good faith.
• Section 58B Penalties.
• Section 58C Offences by companies.
• Section 58D Application of section 58B barred.
• Section 58E Cognizance of offences.
• Section 58F Application of fine.
• Section 58G Power of Bank to impose fine.