Important Banking Acts and Sections in the Banking Sector
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Important Acts and Sections in the Banking Sector
As we all know that the banking sector is considered the financial pillar of an economy. 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.
|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|
|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|
|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|
|34.||Unit Trust of India 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|
|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%
|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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