Section 45A: Definitions.

The Reserve Bank of India Act, 1934Central Act · Act 2 of 1934

45A. Definitions.--In this Chapter, unless the context otherwise requires,--

(a) "banking company" means a banking company as defined in section 5 of the [Banking Regulation Act, 1949 (10 of 1949)] and includes the State Bank of India, [any subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), any corresponding new bank constituted by section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), and any other financial institution notified by the Central Government in this behalf];

(b) "borrower" means any person to whom any credit limit has been sanctioned by any banking company, whether availed of or not, and includes--

(i) in the case of a company or corporation, its subsidiaries;

(ii) in the case of a Hindu undivided family, any member thereof or any firm in which such member is a partner;

(iii) in the case of a firm, any partner thereof or any other firm in which such partner is a partner; and

(iv) in the case of an individual, any firm in which such individual is a partner;

(i) the amounts and the nature of loans or advances and other credit facilities granted by a banking company to any borrower or class of borrowers;

(ii) the nature of security taken from any borrower [or class of borrowers] for credit facilities [granted to him or to such class;]

(iii) the guarantee furnished by a banking company for any of its customers [or any class of its customers];

[(iv) the means, antecedents, history of financial transactions and the creditworthiness of any borrower or class of borrowers;

(v) any other information which the Bank may consider to be relevant for the more orderly regulation of credit or credit policy.]

Where this provision sits

Act	The Reserve Bank of India Act, 1934
Section	45A
Marginal note	Definitions.
Jurisdiction	Central
Status	In force as published by the source
Judgments citing it	1

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 35 of 1962. . Ins. by Act 35 of 1962, s. 6 (w.e.f. 1-9-1962).
substituted, Act 51 of 1974. . Subs. by Act 51 of 1974, s. 3, for "Banking Companies Act, 1949" (w.e.f. 13-12-1974).
substituted. . Subs. by s. 13, ibid., for "or any other banking or financial institution notified by the Central Government in this behalf" (w.e.f. 13-12-1974).
inserted. . Ins. by s. 13, ibid., (w.e.f. 13-12-1974).
substituted. . Subs. by s. 13, ibid., for "granted to him; and" (w.e.f. 13-12-1974).
inserted, Act 51 of 1974. Ins. by Act 51 of 1974, s. 13 (w.e.f. 13-12-1974).

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