Section 49A
Restriction on acceptance of deposits withdrawable by cheque.
The Banking Regulation Act, 1949
About this Act
An Act to consolidate and amend the law relating to banking.
1[49A. Restriction on acceptance of deposits withdrawable by cheque.--No person other than a
banking company, the Reserve Bank, the State Bank of India or any other 2[banking institution, firm or
other person notified by the Central Government in this behalf on the recommendation of the Reserve
Bank] shall accept from the public deposits of money withdrawable by cheque:
Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.]
Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.]
Notes
1. Ins. by Act 33 of 1959, s. 35 (w.e.f. 1-10-1959).
2. Subs. by Act 55 of 1963, s. 28, for certain words (w.e.f. 1-2-1964).
2. Subs. by Act 55 of 1963, s. 28, for certain words (w.e.f. 1-2-1964).