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The Reserve Bank of India Act, 1934
02
06-03-1934
The Reserve Bank of India Act, 1934
An Act to Constitute a Reserve Bank of India.
Ministry of Finance
Department of Financial Services
Chapters, and Sections
Chapter 1 - Preliminary
1 - Short title, extent and commencement.
2 - Definitions.
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Chapter 2 - Incorporation, Capital, Management And Business
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.
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Chapter 3 - Central Banking Functions
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.
22A - Non-applicability of certain provisions to digital form of bank notes
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Chapter 3A - Collection And Furnishing Of Credit Information
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.].
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Chapter 3B - Provisions Relating To Non-Banking Institutions Receiving Deposits And Financial Institutions
45H - Chapter IIIB not to apply in certain cases.
45-I - Definitions.
45-IA - Requirement of registration and net owned fund.
45-IB - Maintenance of percentage of assets.
45-IC - Reserve 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).
45-J - Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money.
45JA - Power of Bank to determine policy and issue directions.
45K - Power of Bank to collect information from non - banking institutions as to deposits and to give 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.
45MAA - Power to take action against auditors.
45MB - Power of Bank to prohibit acceptance of deposit and alienation of assets.
45MBA - Resolution of non-banking financial company.
45MC - Power of Bank to file winding up petition.
45N - Inspection.
45NA - Deposits not to be solicited by unauthorised person.
45NAA - Power in respect of group companies.
45NB - Disclosure of information.
45NC - Power of Bank to exempt.
45-O - Omitted. .
45P - [Omitted.].
45Q - Chapter IIIB to override other laws.
45QA - Power of Company Law Board to offer repayment of deposit.
45QB - Nomination by depositors.
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Chapter 3C - Prohinition Of Acceptance Of Deposits By Unincorporated Bodies
45R - Interpretation.
45S - Deposits not to be accepted in certain cases.
45T - Power to issue search warrants.
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Chapter 3D - Regulation Of Transactions In Derivatives, Money Market Instruments, Securities, etc.
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.
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Chapter 3E - Joint Mechanism
45Y - Joint Mechanism.
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Chapter 3F - Monetary Policy
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.
45Z-I - Meetings of Monetary Policy Committee.
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.
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Chapter 4 - General Provisions
46 - Contribution by Central Government to the Reserve Fund.
46A - Contribution to National Rural Credit (Long Term Operations) Fund and Nation al Rural Credit (Stabilisation) 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.
57A - Powers of Bank not to apply to International Financial Services Centre.
58 - Power of the Central Board to make regulations.
58A - Protection of action taken in good faith.
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Chapter 5 - Penalties
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 - [Amendment of Act 3 of 1906 (Repealed)]
60 - [Repealed.]
61 - [Repealed.]
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