Important Acts and Section in the Banking Sector (Updated) – Download PDF
Important Acts and Section in the Banking Sector (Updated) – Download PDF
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Important Banking Acts and Sections in the Banking Sector

Download Important Acts in the Banking Sector PDF. If you are preparing for Banking & Insurance and other competitive Exams, you are bound to find a few questions on Banking Awareness in your General Awareness section on Important Acts and Section in the Banking Sector. So be prepared to tackle it all!

Today, here we are providing you a list of important acts and sections in the banking sector in PDF format. These Important Banking Acts and Sections in the Banking Sector are also part of Current Affairs. So follow this newly Important Banking Acts and Sections in the Banking Sector and get good marks in the General Awareness section in the upcoming exams.

Important Acts and Section in the Banking Sector

As we all know that the banking sector is considered as the financial pillar of an economy. In the Banking Awareness section “Important Acts and Section in the Banking Sector” is an important topic for the students who are preparing for Banking/ General Awareness. We have come up with the most Important Banking Acts that are relevant and important. Let’s take a quick glance at the Indian Banking Acts and Sections in the Banking Sector exercised so far to curb the challenges faced until now and hereon.

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Sr. No Name of the Act Year
1. Societies Registration Act 1860
2. Negotiable Instrument Act 1881
3. Indian Trusts Act 1882
4. The Bankers’ Books Evidence Act 1891
5. Indian Stamp Act 1899
6. Co-operative Societies Act 1912
7. Provident Funds Act 1925
8. Indian Partnership Act 1934
9. The Reserve Bank of India Act 1934
10. Insurance Act 1938
11. Central Excise Act 1944
12. Public Debt Act 1944
13. International Monetary Fund and Bank Act 1945
14. Employees’ State Insurance Act 1948
15. The Industrial Finance Corporation of India Act 1948
16. The Banking Companies (Legal Practitioner Clients’ Accounts) Act 1949
17. The Industrial Disputes (Banking and Insurance Companies) Act 1949
18. The Banking Regulation(Companies) Rules 1949
19. The Banking Regulation Act 1949
20. Chartered Accountants Act 1949
21. Contingency Fund of India Act 1950
22. The State Financial Corporations Act 1951
23. Employees Provident Fund and Miscellaneous Provisions Act 1952
24. The Reserve Bank of India (Amendment and Misc. Provisions) Act 1953
25. The Industrial Disputes (Banking Companies) Decision Act 1955
26. The State Bank of India Act 1955
27. Life Insurance Corporation Act 1956
28. Companies Act 1956
29. Central Sales Tax Act 1956
30. The State Bank of India (Subsidiary Banks) Act 1959
31. The Subsidiary Banks General Regulation 1959
32. The Deposit Insurance and Credit Guarantee Corporation Act 1961
33. Customs Act 1962
34. Unit Trust of India Act 1963
35. Limitation Act 1963
36. Nationalization of Banks Act (However, the government decided to nationalize 14 major commercial banks on 19th July 1969) 1964
37. Banking Laws (Application to Co-operative Societies) Act 1965
38. Banking Companies (Acquisition and Transfer of Undertaking) Act 1969
39. The Nationalized Banks (Management and Miscellaneous Provisions) Scheme 1970
40. The Banking Companies (Acquisition and Transfer of Undertakings) Act 1970
41. The Regional Rural Banks Act 1976
42. Foreign Contribution (Regulation) Act 1976
43. The Banking Companies (Acquisition and Transfer of Undertakings) Act 1980
44. The Export-Import Bank of India Act 1981
45. The National Bank for Agriculture and Rural Development Act 1981
46. Chit Fund Act 1982
47. Sick Industrial Companies (Special Provisions)Act 1985
48. Shipping Development Fund Committee (Abolition) Act 1985
49. Banking Companies (Regulation)Rules 1985
50. The National Housing Bank Act 1987
51. SIDBI Act 1989
52. SIDBI General Regulations 1990
53. Securities and Exchange Board of India Act 1992
54. The Special Court (trial of Offences relating to Transactions in Securities) Act 1992
55. The Industrial Finance Corporation (Transfer of Undertakings and Repeal) Act 1993
56. Recovery of Debts due to Banks and Financial Institutions Act 1993
57. Debts Recovery Appellate Tribunal (Procedure) Rules 1994
58. Industrial Reconstruction Bank (Transfer of Undertaking & Appeal) Act 1997
59. Foreign Exchange Management Act 1999
60. Insurance Regulatory and Development Authority Act 1999
61. Prevention of Money Laundering Act 2002
62. Fiscal Responsibility and Budget Management Act 2002
63. The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002
64. Industrial Development Bank (Transfer of Undertaking & Repeal) Act 2003
65. Credit Information Companies (Rules & Regulation) Act 2005
66. Government Securities Act 2006
67. The Banking Ombudsman Scheme 2006
68. Factoring Act Rules 2011
69. SARFAESI (Central registry) Rules 2011
70. Securities Law (Amendment) Act 2014
71. The Regional Rural Banks (Amendment) Act –

Diluted the sharing pattern by limiting the composite share of Central Government and sponsor bank to 51%

2014
72. The Insurance Laws (Amendment) Act- pushed FDI limit to 49% 2015
73. The Companies Act (Amended) (legislated in 1956) 2015

Reserve Bank of India act, 1934: The RBI Act, 1934 is a legislative act under which the Reserve Bank of India was established. Along with the Companies Act, it was amended in 1936 to provide a framework for the supervision of banking firms in India. The act also defines Scheduled Banks. Reserve Bank of India Act 1934 is the legislative act under which the Reserve Bank of India was formed. There are total 61 sections in the Reserve Bank of India Act 1934.

  • Section 3. Establishment and incorporation of Reserve Bank.
  • Section 4. Capital of the Bank. The capital of the Bank shall be five crores of rupees.
  • Section 6. Establishment of Offices, branches and agencies
  • Section 8. The composition of central board of Reserve Bank of India
  • Section 17. Business which the Bank may transact.
  • Section 18. Power of direct discount.
  • Section 18A. Validity of loan or advance not to be questioned.
  • Section 20. Obligation of the Bank to transact Government business.
  • Section 21. Bank to have the right to transact Government business in India.
  • Section 21A. Bank to transact Government business of States on agreement
  • Section 22. Right to issue bank notes.
  • Section 23. Issue Department.
  • Section 24. Denominations of notes. (1) Subject to the provisions of sub-section (2), bank notes shall be of the denominational values of two rupees, five rupees, ten rupees, twenty rupees, fifty rupees, one hundred rupees, five hundred rupees, one thousand rupees, five thousand rupees and ten thousand rupees or of such other denominational values, not exceeding ten thousand rupees.
  • Section 25. Form of bank notes.
  • Section 26. Legal tender character of notes.
  • Section 26A. Certain bank notes to cease to be legal tender.
  • Section 27. Re-issue of notes.
  • Section 28. Recovery of notes lost, stolen, mutilated or imperfect.
  • Section 28A. Issue of special bank notes and special one rupee notes in certain cases.
  • Section 29. Bank exempt from stamp duty on bank notes.
  • Section 30. Powers of Central Government to supersede Central Board.
  • Section 31. Issue of demand bills and notes.
  • Section 37. Suspension of assets requirements as to foreign securities.
  • Section 38. Obligations of Government and the Bank in respect of rupee coin.
  • Section 39. Obligation to supply different forms of currency.
  • Section 40. Transactions in foreign exchange.
  • Section 42. Cash reserves of scheduled banks to be kept with the Bank.
  • Section 43. Publication of consolidated statement by the Bank.
  • Section 45B. Power of Bank to collect credit information.
  • Section 45C. Power to call for returns containing credit information.
  • Section 45-IA. Requirement of registration and net owned fund.
  • Section 45-IB. Maintenance of percentage of assets.
  • Section 45- Reserve fund.
  • Section 45J. Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money.
  • Section 45JA. Power of Bank to determine policy and issue directions.
  • Section 45K. Power of Bank to collect information from non-banking institutions as to deposits and to give directions.
  • Section 45L. Power of Bank to call for information from financial institutions and to give directions.
  • Section 45M. Duty of non-banking institutions to furnish statements, etc., required by Bank.
  • Section 45MA. Powers and duties of auditors.
  • Section 45MB. Power of Bank to prohibit acceptance of deposit and alienation of assets.
  • Section 45ZA. Inflation target.
  • Section 45ZB. Constitution of Monetary Policy Committee
  • Section 45ZM. Monetary Policy Report.
  • Section 46. Contribution by Central Government to the Reserve Fund.
  • Section 58. Power of the Central Board to make regulations.

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