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Section 45MB: Power of Bank to prohibit acceptance of deposit and alienation of assets.

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

[45MB. Power of Bank to prohibit acceptance of deposit and alienation of assets.--(1) If any non-banking financial company violates the provisions of any section or fails to comply with any direction or order given by the Bank under any of the provisions of this Chapter, the Bank may prohibit the non-banking financial company from accepting any deposit.

(2) Notwithstanding anything to the contrary contained in any agreement or instruments or any law for the time being in force, the Bank, on being satisfied that it is necessary so to do in the public interest or in the interest of the depositors, may direct, the non-banking financial company against which an order prohibiting from accepting deposit has been issued, not to sell, transfer, create charge or mortgage or deal in any manner with its property and assets without prior written permission of the Bank for such period not exceeding six months from the date of the order.]

Where this provision sits

ActThe Reserve Bank of India Act, 1934
Section45MB
Marginal notePower of Bank to prohibit acceptance of deposit and alienation of assets.
JurisdictionCentral
StatusIn force as published by the source

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. . Ins. by s. 6, ibid. (w.e.f. 9-1-1997).

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