Reserve Bank of India Act, 1934

Section - 1 - Short title, extent and commencement

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Section - 2 - Definitions

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Section - 3 - Establishment and incorporation of Reserve Bank

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Section - 4 - Capital of the Bank

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Section - 5 - Increase and reduction of share capital

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Section - 6 - Offices, branches and agencies

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Section - 7 - Management

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Section - 8 - Composition of the Central Board and term of office of Directors

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Section - 9 - Local Boards, their constitution and functions

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Section - 10 - Disqualifications of Directors and members of Local Boards

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Section - 11 - Removal from and vacation of office

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Section - 12 - Casual vacancies and absences

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Section - 13 - Meetings of the Central Board

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Section - 14 - General

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Section - 15 - First constitution of the Central

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Section - 16 - First constitution of Local Board

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Section - 17 - Business which the Bank may transact

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Section - 18 - Power of direct discount

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Section - 18A - Validity of loan or advance not to be questioned

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Section - 19 - Business which the Bank may not transact

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Section - 20 - Obligation of the Bank to transact Government business

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Section - 20A - Transaction of business for British Military Administration, Burma

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Section - 21 - Bank to have the right to transact Government business in India

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Section - 21A - Bank to transact Government business of *** States on agreement

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Section - 21B - Effect of agreements made between the Bank and certain States before the 1st November, 1956

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Section - 22 - Right to issue bank notes

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Section - 22A - Non-applicability of certain provisions to digital form of bank notes

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Section - 23 - Issue Department

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Section - 24 - Denominations of notes

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Section - 25 - Form of bank notes

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Section - 26 - Legal tender character of notes

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Section - 26A - Certain bank notes to cease to be legal tender

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Section - 27 - Re-issue of notes

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Section - 28 - Recovery of notes lost, stolen, mutilated or imperfect

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Section - 28A - Issue of special bank notes and special one rupee notes in certain cases

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Section - 29 - Bank exempt from stamp duty on bank notes

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Section - 30 - Powers of Central Government to supersede Central Board

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Section - 31 - Issue of demand bills and notes

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Section - 32 - Penalty

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Section - 33 - Assets of the Issue Department

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Section - 34 - Liabilities of the issue department

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Section - 35 - Initial assets and liabilities

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Section - 36 - Method of dealing with fluctuations in rupee coin assets

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Section - 37 - Suspension of assets requirements as to foreign securities

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Section - 38 - Obligations of Government and the Bank in respect of rupee coin

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Section - 39 - Obligation to supply different forms of currency

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Section - 40 - Transactions in foreign exchange

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Section - 41A - Obligation to provide remittance between India and Burma

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Section - 42 - Cash reserves of scheduled banks to be kept with the Bank

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Section - 43 - Publication of consolidated statement by the Bank

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Section - 43A - Protection of action taken in good faith

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Section - 44 - Power to require returns from co-operative banks

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Section - 45 - Appointment of agents

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Section - 45A - Definitions

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Section - 45B - Power of Bank to collect credit information

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Section - 45C - Power to call for returns containing credit information

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Section - 45D - Procedure for furnishing credit information to banking companies

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Section - 45E - Disclosure of information prohibited

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Section - 45F - Certain claims for compensation barred

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Section - 45G - Penalties

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Section - 45H - Chapter IIIB not to apply in certain cases

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Section - 45-I - Definitions

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Section - 45-IA - Requirement of registration and net owned fund

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Section - 45-IB - Maintenance of percentage of assets

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Section - 45-IC - Reserve fund

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Section - 45-ID - Power of Bank to remove directors from office

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Section - 45-IE - Supersession of Board of directors of non-banking financial company (other than Government Company)

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Section - 45J - Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money

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Section - 45JA - Power of Bank to determine policy and issue directions

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Section - 45K - Power of Bank to collect information from non-banking institutions as to deposits and to give directions

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Section - 45L - Power of Bank to call for information from financial institutions and to give directions

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Section - 45M - Duty of non-banking institutions to furnish statements, etc., required by Bank

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Section - 45MA - Powers and duties of auditors

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Section - 45MAA - Power to take action against auditors

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Section - 45MB - Power of Bank to prohibit acceptance of deposit and alienation of assets

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Section - 45MBA - Resolution of non-banking financial company

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Section - 45MC - Power of Bank to file winding up petition

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Section - 45N - Inspection

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Section - 45NA - Deposits not to be solicited by unauthorised persons

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Section - 45NAA - Power in respect of group companies

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Section - 45NB - Disclosure of information

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Section - 45NC - Power of Bank to exempt

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Section - 45-O - Penalties

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Section - 45P - Cognisance of offence

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Section - 45Q - Chapter IIIB to override other laws

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Section - 45QA - Power of Company Law Board to order repayment of deposit

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Section - 45QB - Nomination by depositors

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Section - 45R - Interpretation

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Section - 45S - Deposits not to be accepted in certain cases

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Section - 45T - Power to issue search warrants

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Section - 45U - Definitions

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Section - 45V - Transactions in derivatives

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Section - 45W - Power to regulate transactions in derivatives, money market instruments, etc

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Section - 45X - Duty to comply with directions and furnish information

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Section - 45Y - Joint Mechanism

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Section - 45Z - Provisions of this Chapter to override other provisions of Act

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Section - 45ZA - Inflation target

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Section - 45ZB - Constitution of Monetary Policy Committee

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Section - 45ZC - Eligibility and selection of Members appointed by Central Government

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Section - 45ZD - Terms and conditions of appointment of Members of Monetary Policy Committee

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Section - 45ZE - Removal of Members of Monetary Policy Committee

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Section - 45ZF - Vacancies, etc., not to invalidate proceedings of Monetary Policy Committee

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Section - 45ZG - Secretary to Monetary Policy Committee

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Section - 45ZH - Information for Monetary Policy Committee Members

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Section - 45ZI - Meetings of Monetary Policy Committee

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Section - 45ZJ - Steps to be taken to implement decision of Monetary Policy Committee

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Section - 45ZK - Publication of decisions

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Section - 45ZL - Publication of proceedings of meeting of Monetary Policy Committee

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Section - 45ZM - Monetary Policy Report

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Section - 45ZN - Failure to maintain inflation target

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Section - 45ZO - Power to make rules

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Section - 46 - Contribution by Central Government to the Reserve Fund

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Section - 46A - Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilization) Fund

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Section - 46B - ***

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Section - 46C - National Industrial Credit (Long Term Operations) Fund

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Section - 46D - National Housing Credit (Long-Term Operations) Fund

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Section - 47 - Allocation of surplus profits

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Section - 48 - Exemption of Bank from income-tax and super-tax

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Section - 49 - Publication of Bank rate

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Section - 50 - Auditors

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Section - 51 - Appointment of special auditors by Government

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Section - 52 - Powers and duties of auditors

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Section - 53 - Returns

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Section - 54 - Rural Credit and Development

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Section - 54A - Delegation of powers

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Section - 54AA - Power of bank to depute its employees to other institutions

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Section - 55 - ***

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Section - 56 - Power to require declaration as to ownership of registered shares

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Section - 57 - Liquidation of the Bank

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Section - 57A - Powers of Bank not to apply to International Financial Services Centre

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Section - 58 - Power of the Central Board to make regulations

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Section - 58A - Protection of action taken in good faith

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Section - 58B - Penalties

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Section - 58C - Offences by companies

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Section - 58D - Application of section 58B barred

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Section - 58E - Cognizance of offences

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Section - 58F - Application of fine

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Section - 58G - Power of Bank to impose fine

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Section - 59 - Amendment of Act 3 of 1906

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Section - 60 - Repeals

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Section - 61 - Amendment of section 11, Act 7 of 1913

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First Schedule - See section 9

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Second Schedule - SCHEDULED BANKS

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THIRD SCHEDULE-REPEALED - Omitted

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FOURTH SCHEDULE-REPEALED - Omitted

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FIFTH SCHEDULE-REPEALED - Omitted

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