BR ACT 1949 AACS PDF

Full text containing the act, Banking Regulation Act, , with all the sections, schedules, short title, enactment date, and footnotes. provisions of Banking Regulation Act, (As Applicable to Co-operative .. In terms of Section 24 of the Banking Regulation Act , (AACS), every. Primary. Section 23 of Banking Regulation Act, (AACS) – Extending Value-Added Services through ATMs. Please refer to our circular

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Disposal of non-banking assets.

Accounting provisions of this Act not retrospective. Prohibition of employment of Managing Agents and restrictions on certain forms of employment.

It is hereby enacted as follows: Rate of interest charged by banking companies not to be subject to scrutiny by courts. Power of High Court to make rules.

Banking Regulation Act, | Bare Acts | Law Library | AdvocateKhoj

Copies of balance-sheets and accounts to be sent to Registrar. Maintenance of a percentage of assets. Preliminary report by official liquidator.

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Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation. Provided that nothing in clause b shall apply acy the grant of unsecured loans or advances— a made by a co-operative bank—.

Booked depositors’ credits to be deemed proved.

Banking Regulation Act, 1949

Supersession of Board of directors of a multi-State co-operative bank. Preferential payments to depositors.

Act 18 of and Act sct of to apply in relation to co-operative banks. Settlement of list of debtors. Further powers and functions of Reserve Bank. Retrieved 11 January Part II not to apply to banking companies being wound up.

Power to suspend operation of Act. The Banking Regulation Act, bt a legislation in India that regulates all banking firms in India. March, ] Contents Sections Particulars Part I Preliminary 1 Short title, extent and commencement 2 Application of other laws not barreds 3 Act to apply to co-operative societies in certain cases 4 Power to suspend operation of Act 5 Aqcs 5A Act to override memorandum, articles, etc.

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Application of Companies Act to liquidators. References to Directors, etc. Provided that nothing in this sub-section shall apply to—. Reserve Bank to be official liquidator. Amendment of Act 2 of Free for one month and pay only if you like it. Certain claims for compensation barred.

Restrictions on power to remit debts. Change of name by banking company. Restrictions as to payment of dividend. Procedure of the Tribunal. Power of Qacs Court to decide all claims in respect of banking companies.

Accounts and Balance Sheet. Notice to preferential claimants and secured and unsecured creditors. Compensation to be given to shareholders of the acquired bank. Form and business in which banking companies may engage. Restriction on acceptance of deposits withdrawable by cheque.