Section List

2/1934 - The Reserve Bank of India Act, 1934 ▶

Act Number: 2

Act Name: The Reserve Bank of India Act, 1934

Year: 1934

Enactment Date: 1934-03-06

Long Title: An Act to Constitute a Reserve Bank of India.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section Number	Title	Actions
1	Short title, extent and commencement.
2	Definitions.
3	Establishment and incorporation of Reserve Bank.
4	Capital of the Bank.
5	[Omitted.].
6	Offices, branches and agencies.
7	Management.
8	Composition of the Central Board, and term of office of Directors.
9	Local Boards, their constitution and functions.
10	Disqualifications of Directors and members of Local Boards.
11	Removal from and vacation of office.
12	Casual vacancies and absences.
13	Meetings of the Central Board.
14	[Omitted.].
15	[Omitted.].
16	[Omitted.].
17	Business which the Bank may transact.
18	Power of direct discount.
18A	Validity of loan or advance not to be questioned.
19	Business which the Bank may not transact.
20	Obligation of the Bank to transact Government business.
20A	[Omitted.].
21	Bank to have the right to transact Government business in India.
21A	Bank to transact Government business of States on agreement.
21B	Effect of agreements made between the Bank and certain States before the 1st November, 1956.
22	Right to issue bank notes.
23	Issue Department.
24	Denominations of notes.
25	Form of bank notes.
26	Legal tender character of notes.
26A	Certain bank notes to cease to be legal tender.
27	Re-issue notes.
28	Recovery of notes lost, stolen, mutilated or imperfect.
28A	Issue of special bank notes and special one rupee notes in certain cases.
29	Bank exempt from stamp duty on bank notes.
30	Powers of Central Government to supersede Central Board.
31	Issue of demand bills and notes.
32	[Omitted.].
33	Assets of the Issue Department.
34	Liabilities of Issue Department.
35	[Omitted.].
36	[Omitted.].
37	Suspension of assets requirements as to foreign securities.
38	Obligations of Government and the Bank in respect of rupee coin.
39	Obligation to supply different forms of currency.
40	Transactions in foreign exchange.
41A	[Omitted.].
42	Cash reserves of scheduled banks to be kept with the Bank.
43	Publication of consolidated statement by the Bank.
43A	Protection of action taken in good faith.
44	[Omitted.].
45	Appointment of agents.
45A	Definitions.
45B	Power of Bank to collect credit information.
45C	Power to call for returns containing credit information.
45D	Procedure for furnishing credit information to banking companies.
45E	Disclosure of information prohibited.
45F	Certain claims for compensation barred.
45G	[Omitted.].
45H	Chapter IIIB not to apply in certain cases.
45J	Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money.
45JA	Power of Bank to determine policy and issue directions.
45L	Power of Bank to call for information from financial institutions and to give directions.
45M	Duty of non-banking institutions to furnish statements, etc., required by Bank.
45MA	Powers and duties of auditors.
45MB	Power of Bank to prohibit acceptance of deposit and alienation of assets.
45MC	Power of Bank to file winding up petition.
45N	Inspection.
45NA	Deposits not to be solicited by unauthorised person.
45NB	Disclosure of information.
45NC	Power of Bank to exempt.
45P	[Omitted.].
45Q	Chapter IIIB to override other laws.
45QA	Power of Company Law Board to offer repayment of deposit.
45QB	Nomination by depositors.
45R	Interpretation.
45S	Deposits not to be accepted in certain cases.
45T	Power to issue search warrants.
45U	Definitions.
45V	Transactions in derivatives.
45W	Power to regulate transactions in derivatives, money market instruments, etc.
45X	Duty to comply with directions and furnish information.
45Y	Joint Mechanism.
45Z	Provisions of this Chapter to override other provisions of Act.
45ZA	Inflation target.
45ZB	Constitution of Monetary Policy Committee.
45ZC	Eligibility and selection of Members appointed by Central Government.
45ZD	Terms and conditions of appointment of Members of Monetary Policy Committee.
45ZE	Removal of Members of Monetary Policy Committee.
45ZF	Vacancies, etc., not to invalidate proceedings of Monetary Policy Committee.
45ZG	Secretary to Monetary Policy Committee.
45ZH	Information for Monetary Policy Committee Members.
45ZJ	Steps to be taken to implement decision of Monetary Policy Committee.
45ZK	Publication of decisions.
45ZL	Publication of proceedings of meeting of Monetary Policy Committee.
45ZM	Monetary Policy Report.
45ZN	Failure to maintain inflation target.
45ZO	Power to make rules.
46	Contribution by Central Government to the Reserve Fund.
46C	National Industrial Credit (Long Term Operations) Fund.
46D	National Housing Credit (Long Term Operations) Fund.
47	Allocation of surplus profits.
48	Exemption of Banks from income-tax and super-tax.
49	Publication of Bank rate.
50	Auditors.
51	Appointment of special auditors by Government.
52	Powers and duties of auditors.
53	Returns.
54	Rural Credit and Development.
54A	Delegation of powers.
54AA	Power of Bank to depute its employees to other institutions.
55	[Omitted.].
56	[Omitted.].
57	Liquidation of the Bank.
58	Power of the Central Board to make regulations.
58A	Protection of action taken in good faith.
58B	Penalties.
58C	Offences by companies.
58D	Application of section 58B barred.
58E	Cognizance of offences.
58F	Application of fine.
58G	Power of Bank to impose fine.
59	[Repealed.].
60	[Repealed.].
61	[Repealed.].
45-I	Definitions.
45-IA	Requirement of registration and net owned fund.
45-IB	Maintenance of percentage of assets.
45-IC	Reserve fund.
45K	Power of Bank to collect information from non - banking institutions as to deposits and to give directions.
45-O	Omitted. .
45Z-I	Meetings of Monetary Policy Committee.
46A	Contribution to National Rural Credit (Long Term Operations) Fund and Nation al Rural Credit (Stabilisation) Fund.
45-ID	Power of Bank to remove directors from office.
45-IE	Supersession of Board of directors of non-banking financial company (Other than Government Company).
45MAA	Power to take action against auditors.
45MBA	Resolution of non-banking financial company.
45NAA	Power in respect of group companies.
57A	Powers of Bank not to apply to International Financial Services Centre.
22A	Non-applicability of certain provisions to digital form of bank notes