Short title, extent and commencement 1 this act may be called the banking 2regulation act, 1949. Banking regulation act, 1949 bare acts law library. Short title, extent and commencement 1 this act may be called the banking 2 regulation act, 1949. Schedule ii repealed by the repealing and the amending act, 1957 36 of 1957 s. Banking regulation act, 1949 banking company bankexamstoday. Subsequently it was changed to banking regulations act 1949 wef 01. Act 276 islamic banking act 1983 date of royal assent 9mar1983 date of publication in the gazette 10mar1983 an act to provide for the licensing and regulation of islamic banking business. Government and rbis powers opening of new banks and branch licensing constitution of board of directors and their rights banks share holders and their rights crr and slr concepts cash. Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or reregister yourselves for receiving rss feeds for uninterrupted alerts from the reserve bank. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in.
The banking regulation act 1949 has 56 sections in total. Restriction on holdings in licensee by foreign government. The banking sector is currently regulated by the financial services authority the fsa. Provisions of the banking regulation act, 1949 are not in substitution of other laws applicable, unless otherwise expressly said section 2 sub 56 b act is not applicable to 1 primary agricultural society 2 cooperative land mortgage bank 3 any other cooperative society except as provided by sec. Chapter 1 addresses the question of why banks are regulated in order to establish the basic purposes, rationale, and goals for banking regulation, and to provide a framework for evaluating bank regulations. Act 276 islamic banking act 1983 bank negara malaysia. Banking regulation act 1949 and important sections pdf. Global legal insights banking regulation third edition. A short history of financial deregulation in the united states.
It creates consumer protections and rights and imposes responsibilities on banks as users of consumer reports and entities furnishing information to the consumer reporting agencies. Jan 10, 2017 the banking and regulations act was enacted to safeguard the interest of the depositors and to control the abuse of powers by controlling the banks by any means necessary and to the interest of indian economy in general. The banking regulation act was passed as the banking companies act 1949 and came into force wef 16. Negotiable instrument act1881 the bankersbooks evidence act1891 the reservebank of india act1934 the industrial finance corporation of india act1948. From 1 st march, 1966, it was renamed as banking regulation act, 1949. The banking regulation amendment bill, 2017 prsindia. Short title, extent and commencement 1 this act may be called the banking 3 regulation act, 1949. The banking regulation act provides for regulation of the organization and management of banking companies. Being an act to pr ovide for the licensing of persons carr ying on banking business, the regulation and supervision of banking. One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise. Reserve bank of india was vested with extensive powers for the supervision of banking in india as a central banking authority.
An act further to amend the banking regulation act, 1949. Be it enacted by parliament in the seventyfirst year of the republic of india as follows. Download banking regulation act 1949 in pdf format. Regulation oshareholding and controlling interests in licensee. The banking services act, 2014 parliament of jamaica. Banking regulation act, 1949 was enacted on 10 march 1949 and came to effect on 16 march 1949. The south african reserve bank was established by section 9 of the currency and banking act, 1920 act no 31 of 1920 and is governed by the south african reserve bank act, 1989 act no 90 of 1989, as amended. Act, 2002 39 of 2002 and licensed to undertake business of banking by the reserve bank under the provisions of the banking regulation act, 1949 10 of 1949.
Full text containing the act, banking regulation act, 1949, with all the sections, schedules, short title, enactment date, and footnotes. This act may be cited as the banking act interpretation 2. Passed as the banking companies act 1949, it came into force from 16 march 1949 and changed to banking regulation act 1949 from 1 march 1966. The list below does not contain the laws and regulations applicable to institutions that are subject to prudential supervision. Bill further to amend the banking regulation act, 1949. Mcmillan llp canada there are also three supranational regulatory bodies that are influential in canadian banking.
One provision of the act, named regulation q, placed limits on the interest rates banks could offer on deposits. April 14, 2015 dear all welcome to the refurbished site of the reserve bank of india. Contains all enforced central and state acts linked with subordinate data like rules,regulations,notifications,orders,circulars,ordinances,statutes. Defines the requirements for membership of statechartered banks in the federal reserve system. Alteration of memorandum and articles of association.
The banking and regulations act was enacted to safeguard the interest of the depositors and to control the abuse of powers by controlling the banks by any means necessary and to the interest of indian economy in general. Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site. The banking regulation act, 1949 reserve bank of india. The fsa is required, so far as is reasonably possible, to act in a way that is compatible with specified regulatory objectives. Read the underlined words carefully as they are important part of definition on which questions may be based. Fair credit reporting act reg v american bankers association. There was initially 55 sections but in 1965 the banking regulation act 1949 was amended to include cooperative banks in the 56th section.
To start with, there is a restriction at the entry. Laws of kenya the banking act chapter 488 note this edition incorporates amendments up to 15th september 2015 printed and published by central bank of kenya for internal use only. Chapter 1 addresses the question of why banks are regulated in order to establish the basic purposes, rationale, and goals for bank ing regulation, and to provide a framework for evaluating bank regulations. The south african reserve bank was established by section 9 of the currency and banking act, 1920 act no 31 of 1920 and is governed by the south african reserve bank. Act to apply to cooperative societies subject to modifications. The banking laws amendment act, 2012 the act amends the banking regulation act, 1949, the banking companies acquisition and transfer of undertakings act, 1970, the banking companies acquisition and transfer of undertakings act, 1980 and also makes consequential amendments to certain other enactments including the indian stamp act.
Summary of important sections of banking regulation act. Study material for bank promotion banking regulation act. Guidelines respecting control in fact for the purpose of section 377. Balancing inclusive growth with financial stability i table of contents acknowledgements ii list of figures and tables ii 1 introduction 1 2 structure and role of the financial sector in the ghanaian economy 2 2. The bank for international settlements bis, of which the bank of canada is a member, leads global regulatory work on financial systems across the globe. Fair credit reporting act reg v fcra is intended to ensure consumer reports are accurate and used for permissible purposes. It seeks to amend the banking regulation act, 1949 to insert provisions for handling cases related to stressed assets. Here we have listed the acts related to banking sector. The banking laws amendment act, 2012 the act amends the banking regulation act, 1949, the banking companies acquisition and transfer of undertakings act, 1970, the banking companies acquisition and transfer of undertakings act, 1980 and also makes consequential amendments to certain other enactments including the. The act was initially enacted to regulate the banking companies.
Introduction banking means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise. Regulation e electronic fund transfer act the electronic fund transfer act efta 15 u. The banking regulation amendment bill, 2017 was introduced in lok sabha by the minister of finance, mr. This act was originally enacted as banking companies act, 1949 on 16 march 1949. An act to consolidate and amend the law relating to banking 1 whereas it is expedient to consolidate and amend the law relating to banking 2. Whereas it is expedient to consolidate and amend the law relating to banking 2. There are many provisions of banking regulation act 1949 and we are going to the topic about business of banking companies. The banking regulation act, 1949 is a legislation in india that regulates all banking firms in india. The banking union licence assessments digital supervision portal dlt. In this file you may find very simple hand written notes for banking regulation act 1949. Act 372 banking and financial institutions act 1989 date of royal assent 23aug1989 date of publication in the gazette 24aug1989 an act to provide new laws for the licensing and regulation of institutions carrying on banking, finance company, merchant banking, discount house. Ca final banking regulation act 1949 hand written notes in pdf. An act to provide for the licensing and regulation of the businesses of banks, merchant banks and related institutions, and the credit card and charge card business of banks, merchant banks and other institutions, and matters related thereto.
Company secretaries in the banking companies formed either under the companies act 1956 or any other legislations and having banking licence from rbi under the banking regulation act 1949, have to discharge onerous responsibility not only to ensure compliance with the various statutory provisions as a principal officer. In this series of study material for bank promotion, these are brief notes on banking regulation act. Banking regulation act, 1949, precluding the court from scrutinising the rate of interest under the provisions of the usurious loans act, since sec. Financial sector regulation act 9 of 2017 english sepedi. Congress fundamentally reformed banking with the glasssteagall act. Negotiable instrument act1881 the bankersbooks evidence act1891 the reservebank of india act1934 the industrial finance corporation of india act1948 the banking companies legal practitioner clients accounts act1949 the industrial disputes banking and insurance companies act1949. Company secretaries in the banking companies formed either under the companies act 1956 or any other legislations and having banking licence from rbi under the banking regulation act 1949, have to discharge onerous responsibility not only to ensure compliance with the various statutory provisions as a. Be it enacted by parliament in the sixtyeighth year of the republic of india as. Banking regulation act, 1949 bare acts law library advocatekhoj.
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