Act Number: 5

Act Name: The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

Year: 1970

Enactment Date: 1970-03-31

Long Title: An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order to control the heights of the economy and to meet progressively, and serve better, the needs of development of the economy in conformity with national policy and objectives and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 8: Corresponding new banks to be guided by the directions of the Central Government.
    Every corresponding new bank shall, in the discharge of its functions, be guided by such directions in regard to matters of policy involving public interest as the Central Government may, after consultation with the Governor of the Reserve Bank, give.
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