The industrial disputes banking and insurance companies act 1949. C not carrying on and transacting every kind of guarantee and indemnity business d non participatory every banking company in india is required. Part v of the said act provides for the application of the banking regulation act, 1949 to cooperative banks, subject to certain modifications specified in section 56 thereof. There are many provisions of banking regulation act 1949 and we are going to the topic about business of banking companies. Summary of important sections of banking regulation act. Banking regulation act, 1949 reserve bank of india. The act was initially known as banking companies act, 1949.
Further the banking companies act 1949 had been changed to the. The balance sheet and the profit and loss account of a banking company have to be audited as stipulated under section 30 of the banking regulation act, 1949. It apprises students with history of banking regulation act, 1949 along with present banking structure and its related issues. The banking regulation act, 1949 was enacted to consolidate and amend the law relating to banking. Banking regulation act 1949 important sections in hindi jaiib. Cancellation of nomination under section 45zc of the banking regulation act, 1949 and rule 34, of the banking companies nomination rules, 1985 in respect of articles left in safe custody with banking company.
Act to have overriding effect section 5a of the banking regulation act, 1949 provides that the provisions of this act shall have effect notwithstanding anything to the contrary contained in. Any resolution passed by the banking company in general meeting or by its board of directors, whether the same be registered, executed or passed, as the case may be. Whereas it is expedient to consolidate and amend the law relating to banking 2. Every banking companys account needs to be verified and certified by the statutory auditors as per the provisions of legal frame work. As per the banking regulations act, 1949, a bank can engage.
Jan 29, 2015 this is regulatory act its purpose is to. Return in this form is to be submitted to the reserve bank of india under section 24 of the banking regulation act, 1949 as applicable to cooperative societies by scheduled state cooperative banks and sections 18 and 24 of the act ibid by the other cooperative banks not later than 15 days after the end of the months to which it relates. Download the banking regulation act, 1949 notes pdf online2020. Recently, the lok sabha has passed an amendment to the banking regulation act, 1949. Initially, the law was applicable only to banking companies. What are the main provisions of banking regulation act, 1949. Be it enacted by parliament in the sixtyeighth year of the republic of india as. Buy the banking regulation act, 1949 notes pdf online.
The centre recently passed the banking regulation amendment ordinance, 2020. Nov 06, 2014 here you can find description about banking regulation act, 1949 in hindi. Subsequently it was changed to banking regulations act 1949 wef 01. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. Banking means the acceptance of deposit for the purpose of lending or.
Special responsibility is cast on the bank auditor in certifying the bank s balance sheet and profit and loss account, since that reflects the sound financial position of the banking. History of banking in india gk notes for bank and ssc. But, 1965 it was amended to make it applicable to cooperative banks and to introduce other changes. An act to consolidate and amend the law relating to banking. Where a deposit is held by a banking company to the credit of one or more persons, the depositor or, as the case may be, all the depositors together. Be it enacted by parliament in the seventyfirst year of the republic of india as.
As per the banking regulations act, 1949, a bank can engage in the following banking business a borrowing and raising of money b not dealing in bills of exchange, hundies, promissory notes etc. Section 18 of the banking regulation act 1949 deals with the provision cash reserve. Sep 17, 2020 the banking act was a supplement to the previous acts associated with banking. Mar 15, 2020 the banking regulation amendment bill, 2020 aimed to amend the banking regulation act, 1949.
Business of banking companies this act may be called the banking regulation act, 1949. Be it enacted by parliament in the seventyfirst year of the republic of india as follows. Banking regulation act, 1949 bare acts law library. Banking awareness multiple choice questions mcqs and answers with explanation on banking regulation act for ibps bank po, ibps bank clerical, rrb po and clerical, sbi po and sbi clerical, ibps recruitments, rbi grade b and rbi bank. The banking regulation act, 1949 as modified upto january 7, 20 contents part i preliminary section 1 short title, extent and commencement section 2 application of other laws not barred section 3 act to apply to cooperative societies in certain cases section 4 power to suspend operation of act section 5 interpretation. Provide safety in the interest of depositors prevent misuse of powers by managers of banks 1 this act does not supersede but supplement to companies act, 19562 initially named banking companies act, 1949 but from march 1, 1966, the name of the act was changed to banking regulation act, 1949. Banking regulation act 1949 loans securities finance. It also looks to enforce banking regulation guidelines of the rbi in cooperative banks, while the registrar of cooperative deals with administrative. The banking regulation act 1949 has 56 sections in total.
Application of other laws not barred 3 act to apply to cooperative societies in certain cases. Form and business in which banking companies may engage 1 in addition to the business of banking, a banking company may engage in any one or more of the following forms of business, namely. Cash reserve section 18 the banking regulation act, 1949. Act to apply to cooperative societies subject to modifications.
Aug 23, 2010 the banking regulation act was passed as the banking companies act 1949 and came into force wef 16. Banking regulation act 1949 objectives paper tyari. An act further to amend the banking regulation act, 1949. Banking regulation act, 1949 this act regulates all banking firms in india i. It had been passed as the banking companies act, 1949 and came into force from march 16, 1949.
The banking regulation companies rules, 1949 1 the banking regulation companies rules, 1949 11. Banking regulation act, 1949 banking company bankexamstoday. Principal provisions of banking regulation act, 1949. Banking regulation cooperative societies rules, 1966. Dec 29, 2016 act to have overriding effect section 5a of the banking regulation act, 1949 provides that the provisions of this act shall have effect notwithstanding anything to the contrary contained in. Jan 10, 2017 the banking and regulations act was enacted to safeguard the interest of the depositors and to control the abuse of powers by controlling the banks by any means necessary and to the interest of indian economy in general. It apprises students with history of banking regulation act, 1949 along with present banking. The banking companies legal practitioner clients accounts act 1949. Power of bank to determine policy and issue directions to other banks in india. Keeping in view the developments in the banking sector and regulation. The industrial finance corporation of india act 1948. It gives the rbi more regulatory powers over urban cooperative banks ucbs and multistate cooperative societies. Banking regulation act 1949 important sections in hindi. History of banking in india gk notes for bank and ssc in pdf.
Adherence to regulatory guidelines company secretaries in the banking companies formed either under the companies act 1956 or any other legislations and having banking licence from rbi under the banking regulation act 1949, have to discharge onerous responsibility not only to ensure compliance with the various statutory provisions as a. Passed as the banking companies act 1949, it came into force. Summary of some important sections is provided hereunder. Initially, the law was applicable only to banking compa. Banking companies act of 1949, defines banking as, accepting for the purpose of lending or investment of deposit money from the public, repayable on demand or otherwise and withdrawable by cheque draft, order or otherwise. Jun 23, 2020 br act 1949 aacs pdf june 23, 2020 0 admin science full text containing the act, banking regulation act, with all the sections, schedules, short title, enactment date, and footnotes. A company desiring to have a licence under section 22 of the act shall apply to the principal office of the reserve bank in a form specified below, namely. It seeks to amend the banking regulation act, 1949 to insert provisions for handling cases related to stressed assets. Primary agricultural credit society and cooperative land mortgage banks are not included under this act. The banking regulation amendment ordinance is replaced by the bill and to the same effect promulgated in june 2020. Company secretaries in the banking companies formed either under the companies act 1956 or any other legislations and having banking licence from rbi under the banking regulation act 1949, have to discharge onerous responsibility not only to ensure compliance with the various statutory provisions as a principal officer. This bill seeks to give the reserve bank of india rbi the powers to regulate the cooperative banks.
Through this course, shivangi discusses the marking scheme of general awareness questions and broadly classified general awareness in 3 parts. Banking regulation amendment bill, 2020 need, features. The ordinance amends the banking regulation act, 1949 as applicable to cooperative banks. May 19, 2020 download history of banking in india as a pdf history of banking in india introduction. The banking regulation act, 1949legislative department ministry. Download banking regulation act 1949 file in pdf format 954. The act was changed to banking regulation act, 1949 from 1 st march, 1966. Memorandum or articles of a banking company any agreement executed by it any resolution passed by the banking company in general meeting or by its board of directors, whether the same be registered, executed or passed, as the case may be. Passed as the banking companies act 1949, it came into force from 16 march 1949 and changed to banking regulation act 1949 from 1 march 1966. In terms of section 31 of the banking regulation act, 1949 the act read with section 56 the act as amended by the banking regulation amendment ordinance, 2020, accounts and balancesheet referred to in section 29 of the act together with the auditors report shall be. Banking regulation act most important sections br, act 1949. The banking regulation amendment bill, 2020 a bill further to amend the banking regulation act, 1949. There was initially 55 sections but in 1965 the banking regulation act 1949 was amended to include cooperative banks in the 56th section. Banking regulation act, 1949 bare acts law library advocatekhoj.
The act was initially known as banking companies act. Provisions of rbi act 1935, banking regulation act 1949, prevention of money. Banking regulation act 1949 and important sections. Summary of important sections of banking regulation act mba. Full text containing the act, banking regulation act, 1949, with all the sections, schedules, short title, enactment date, and footnotes. Download banking regulation act 1949 file in pdf format 730.
The banking regulation act, 1949 contains various provisions governing the. Important sections in banking regulation act 1949 aspirants. Regulatory framework of bank audit and inspection a. Company secretaries in the banking companies formed either under the companies act 1956 or any other legislations and having banking licence from rbi under the banking regulation act 1949, have to discharge onerous responsibility not only to ensure compliance with the various statutory provisions as a. Banking regulation act, 1949 cid, cb, odisha, cuttack. Banking regulation act 1949 is an act passed in the year 1949 for the purpose of regulating banks across the country. Provisions of rbi act 1935, banking regulation act 1949, prevention of money laundering act, 2002. Unit four will introduce students with the indian banking system and the nationalization of the various banks. Regulatory framework of bank audit and inspection a critical. It was passed in 1949 to consolidate and amend the laws relating to banking companies. She also gives an overview of banks and its functions. Employees provident fund and miscellaneous provisions act.
Requirements regarding minimum paid up capital and reserves. Nov 04, 2014 passed as the banking companies act 1949, it came into force wef 16 march 1949 and changed to banking regulations act 1949 wef 01. It regulates the functioning of banks and provides details on several aspects including licensing, management, and operations of banks in india. Download the banking regulation act, 1949 free sample notes pdf online from company secretary and get upto 5% off on mrprental. Download the banking regulation act, 1949 notes pdf online. In exercise of the powers conferred by section 52 of the banking regulation act, 1949 10 of 1949, and after consultation with the reserve bank, the central government is pleased to make the following rules. In the first place all provisions of the banking regulation act do not apply to cooperative. The br act and the rbi acts give the supervisory and regulatory powers to the rbi over the functions of all types of banks in india. An act to consolidate and amend the law relating to banking 2. Government and rbis powers opening of new banks and branch licensing constitution of board of directors and their rights banks share holders and their rights crr and slr concepts cash. Aug 27, 2019 the banking regulation act 1949 contains various provisions governing the commercial banks in india.
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