Section 3
Establishment and incorporation of Reserve Bank.
The Reserve Bank of India Act, 1934
About this Act
An Act to Constitute a Reserve Bank of India.
1[3. Establishment and incorporation of Reserve Bank.--(1) A bank to be called the Reserve Bank
of India shall be constituted for the purposes of taking over the management of the currency from the
2[Central Government] and of carrying on the business of banking in accordance with the provisions of
this Act.
(2) The Bank shall be a body corporate by the name of the Reserve Bank of India, having perpetual succession and a common seal, and shall by the said name sue and be sued.
(2) The Bank shall be a body corporate by the name of the Reserve Bank of India, having perpetual succession and a common seal, and shall by the said name sue and be sued.
Notes
1. Subs. by Act 62 of 1948, s. 7 and the Schedule, for "SHARE CAPITAL" (w.e.f. 1-1-1949).
2. Subs. by the M.O. 1937, for "G.G. in C.".
2. Subs. by the M.O. 1937, for "G.G. in C.".