Dec 21, 2019 the banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. 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. The key statutes and regulations that govern the banking industry in india are. In 1965, it was amended and made applicable to cooperative banks also. Licensing of banking companies according to section 22 1 of the banking regulation act, 1949 no on company shall carry on banking business in india unless it holds a license issued in that behalf by the reserve bank and any such license may be issued subject of such conditions as the reserve bank may think fit to impose. Banking regulation act, 1949 reserve bank of india. But, 1965 it was amended to make it applicable to cooperative banks and to introduce other changes. Every banking company in existence on the commencement of this act, before the expiry of six months from such commencement, and every other company before commencing banking business 2in india, shall apply in writing to the reserve bank for a licence under this section. Buy banking regulation act 1949 book online at best prices in india on.
Provisions of rbi act 1935, banking regulation act 1949, prevention of money laundering act, 2002. Get the banking regulation act 1949 microsoft store. The reserve bank of india rbi regulates and supervises public sector and private sector banks. 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. India banking regulation act 1949 current affairs today. Enacted by parliament on 10 march 1949, the banking regulation act laid the foundations of banking in india. The banking regulation act 1949 extends to whole of india.
I have worked with a fastest growing private bank in india and was part of the team when the same was being revamped. Initially applicable for banking companies but applicable to cooperative banks since 1965. It became applicable to jammu and kashmir from 1956. Inspection banking regulation act, 1949 bare acts law library. Banking regulation act 1949 copy reserve bank of india. I am working in banking and financial sector in mumbai. Section 22 in banking regulation act,1949 indian kanoon. Banking regulation act, 1949 was enacted on 10 march 1949 and came to effect on 16 march 1949. Banking regulation act 1949 book by taxmann cakart. Banking regulation act, 1949 banking company bankexamstoday. An act to consolidate and amend the law relating to banking 2.
Penalties prescribed under the banking regulation act, 1949. I understand your dilemma and was undergoing the same when i joined the b. Delhi largest law books store huge collection of law books at email id. Latest current affairs in april, 2020 about india banking regulation act 1949. Introduction banking means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise. 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.
By definition, any bank which is listed in the 2nd schedule of the reserve bank of india act, 1934 is considered a scheduled bank. This act was originally enacted as banking companies act, 1949 on 16 march 1949. Rbi act and the banking regulation act 1949 br act. Every banking companys account needs to be verified and certified by the statutory auditors as per the provisions of legal frame work. Banking companies acquisition and transfer of undertaking act, 1969. The law was found to be inadequate, and therefore, in 1936, the indian companies a. Buy banking regulation act, 1949 book online at low prices in. Buy banking regulation act 1949 book online at low. The banking companies period of preservation of records rules, 19851 in exercise of the powers conferred by section 45y of the banking regulation act, 1949 10 of 1949, the central government, after consultation with the reserve bank of india, hereby makes the following rules, namely. Taxmanns banking regulation act 1949 incorporated banking ombudsman scheme, cooperative banks rules, period of preservation of records, acquisition and transfer of undertakings act and banking regulation rules. Buy banking regulation act, 1949 book online at low prices. Here we have listed the acts related to banking sector. There are many provisions of banking regulation act 1949 and we are going to the topic about business of banking companies. The reserve bank of india rbi, indias central bank, issues.
Buy banking regulation act, 1949 lawmanns series book online. Banking regulation act 1949 copy free download as powerpoint presentation. Apr 02, 2018 banking companies in india were being governed by the indian companies act, 19. Crisp news summaries and articles on current events about india banking regulation act 1949 for ibps, banking, upsc, civil services. The publisher of the book is taxmann publications pvt. The banking regulation act, 1949 was passed by the parliament in the year 1949 with the aim to regulate all banks along with consolidating and amending the banking laws in india. Provided that in the case of a banking company in existence on the commencement of this act, nothing in subsection 1. Banking regulation act, 1949 financial services banks. Employees provident fund and miscellaneous provisions act. Banking regulation act, 1949 bare acts law library. Jaiib aims at providing the required level of basic knowledge in banking and financial services, banking technology, customer relations, basic accountancy, and legal aspects necessary for carrying. The book banking regulation act 1949 book by taxmann is available at. Banking regulation act, 1949 with allied acts and rules.
Section 35a of the act provides powers to put withdrawal restrictions on any bank in india. Taxmanns banking regulation act 1949 incorporated banking ombudsman scheme. You can check the latest availability by visiting cakart books. All the commercial banks in india scheduled and nonscheduled is regulated under banking regulation act 1949. Licensing of banking companies section 22 of the banking. Jul 31, 2018 the reserve bank of india rbi regulates and supervises public sector and private sector banks. Banking regulation act 1949 16 th march 1949 ramees k abdul aziz roll no. Under the provisions of the banking regulation act, 1949, it can, inter alia.
Provisions of the banking regulation act, 1949 are not in substitution of other laws applicable, unless otherwise expressly said section 2 sub 56 b act is not applicable to 1 primary agricultural society 2 cooperative land mortgage bank 3 any other cooperative society except as provided by sec. The banking regulation act is a central legislation enacted on march 10, 1949 and came into effect on march 16, 1949 when the government of india publicized in the gazette of india for the purpose of altering and uniting the legal documents on banking. The banking system in india is regulated by the reserve bank of india rbi, through the provisions of the banking regulation act, 1949. Sep 25, 2019 latest current affairs in april, 2020 about india banking regulation act 1949. The reserve bank of india has powers to take above actions under banking regulation act, 1949. The banking regulation act, 1949 reserve bank of india. The act was initially enacted to regulate the banking companies. Due to mushrooming growth in banks with inadequate capital dishonest management speculative investment appointment of incompetent directors for long periods poor liquidity of funds.
The table of content or a quick excerpt on the book has been. Jan 11, 2020 jaiib aims at providing the required level of basic knowledge in banking and financial services, banking technology, customer relations, basic accountancy, and legal aspects necessary for carrying. From 1st march, 1966, it was renamed as banking regulation act, 1949. Negotiable instrument act1881 the bankersbooks evidence act1891 the reservebank of india act1934 the industrial finance corporation of india act1948 the banking companies legal practitioner clients accounts act1949 the industrial disputes banking and insurance companies act1949. Before granting any licence under this section, the reserve bank may require to be satisfied by an inspection of the books of the company or otherwise that 4 the following conditions are fulfilled, namely. Buy banking regulation act, 1949 lawmanns series book online at best prices in india on. Companies act 1956 defining company, negotiable instrument act defining public holiday. Licensing of banking companies 1 save as hereinafter provided, no company shall carry on banking business in india unless it holds a license issued in that behalf by the reserve bank and any such license may be issued subject to such conditions as the reserve bank may think fit to impose.
The act extends to entire nation including jammu and kashmir. An act to consolidate and amend the law relating to banking. Banking companies legal practitioners clients account act, 1949. The industrial disputes banking and insurance companies act. The rbi act was enacted to establish and set out the. Banking regulation act, 1949 with allied acts and rules law books buy online at best prices. From 1 st march, 1966, it was renamed as banking regulation act, 1949. Inspection of the act, banking regulation act, 1949.
App features complete the banking regulation act, 1949 in digital format. Buy banking regulation act, 1949 book online at best prices in india on. It regulates and supervises the functioning of the commercial banks in india. Banking regulatory powers in india press information bureau. Banking regulation act 1949 and important sections pdf.
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. Inspection 1 notwithstanding anything to the contrary contained in section 235 of the companies act, 1956 1 of 1956, the reserve bank at any time may, and on being directed so to do by the central government shall, cause an inspection to be made by one or more of its officers of any banking company and its books and accounts. Some important aspects of the regulations that govern. This law contained only a few special provisions applicable to banking companies. Banking companies in india were being governed by the indian companies act, 19.
Banks were under the control of indian companies act. Study material for bank promotion banking regulation act. Whereas it is expedient to consolidate and amend the law relating to banking 2. Initially, the law was applicable only to banking companies. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. Debts recovery appellate tribunal procedure rules,1994. Apr 04, 2019 a structured guide to banking regulation in india. Banking regulation act, 1949 origin of the act no separate legislation till 1949. Jan 19, 2008 buy banking regulation act, 1949 book online at best prices in india on. Aug 26, 2011 provisions of the banking regulation act, 1949 are not in substitution of other laws applicable, unless otherwise expressly said section 2 sub 56 b act is not applicable to 1 primary agricultural society 2 cooperative land mortgage bank 3 any other cooperative society except as provided by sec. Banking regulation act, 1949 part 2 jaiib paper 3 bank. Chapter 1 addresses the question of why banks are regulated in order to establish the basic purposes, rationale, and goals for bank ing regulation, and to provide a framework for evaluating bank regulations. Nov 20, 2018 this act was originally enacted as banking companies act, 1949 on 16 march 1949.