Reserve Bank of India Act, 1934

Business which the Bank may transact.

17. The Bank shall be authorised to carry on and transact the several kinds of business hereinafter specified, namely :-

(1) the accepting of money on deposit without interest from, and the collection of money for the Central Government, the State Governments, [***] local authorities, banks and any other persons;

[(1A) The accepting of money as deposits, repayable with interest, from banks or any other person under the Standing Deposit Facility Scheme, as approved by the Central Board, from time to time, for the purposes of liquidity management;]

(2)(a) the purchase, sale and rediscount of bills of exchange and promissory notes, drawn on and payable in India and arising out of bona fide commercial or trade transactions bearing two or more good signatures, one of which shall be that of a scheduled bank [or a State co-operative bank] [or any financial institution, which is predominantly engaged in the acceptance or discounting of bills of exchange and promissory notes and which is approved by the Bank in this behalf] and [maturing,-

(i)	-	in the case of bills of exchange and promissory notes arising out of any such transaction relating to the export of goods from India, within one hundred and eighty days, and
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