Reserve Bank of India Act, 1934

[Deposits not to be accepted in certain cases.

45S. (1) No person, being an individual or a firm or an unincorporated association of individuals shall, accept any deposit-

(i)	-	if his or its business wholly or partly includes any of the activities specified in clause (c) of section 45-I ; or
(ii)	-	if his or its principal business is that of receiving of deposits under any scheme or arrangement or in any other manner, or lending in any manner :

Provided that nothing contained in this sub-section shall apply to the receipt of money by an individual by way of loan from any of his relatives or to the receipt of money by a firm by way of loan from the relative or relatives of any of the partners.

(2) Where any person referred to in sub-section (1) holds any deposit on the 1st day of April, 1997 which is not in accordance with sub-section (1), such deposit shall be repaid by that person immediately after such deposit becomes due for repayment or within three years from the date of such commencement, whichever is earlier :

Provided that if the Bank is satisfied on an application made by any person to the Bank that such person is unable to repay a part of the deposits for reasons beyond his control or such repayment s .... To read the full section download the app from Google Play store