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Short title and commencement 2. Nomination in respect of deposits 3. Nomination in respect of articles in safe custody 4. Banking Ombudsman Scheme 1. Short title, commencement, extent and application. Suspension of the Scheme. Appointment and tenure. Location of office and temporary headquarters.
Powers and jurisdiction. Grounds of complaint. Procedure for filing complaint. Power to call for information. Settlement of complaint by agreement. Award by the Banking Ombudsman. Rejection of the complaint. Appeal before the appellate authority. Banks to display salient features of the scheme for common knowledge of public. Removal of difficulties. Application of the Banking Ombudsman Schemes, and Banking Ombudsman Scheme, 1. Appointment and Tenure. Territorial Jurisdiction.
Other Powers and Duties. Grounds of Complaint. Procedure of filing complaint. Proceedings before the review authority. Directions issued by the Review Authority. Rejection of the Complaint.
Banks to display salient features of the bo scheme for common knowledge of public. Banking Ombudsman to act as arbitrator. Arbitral Proceedings. The Claim. The Reply. Notification of the first hearing. Pleadings, notifications or communications. Terms of Reference. Conduct of arbitral proceedings.
New Claims. Award by Consent. Time-limit for award. Making of award. Notification and enforceability of the award. Application of the banking ombudsman scheme, Definitions 3. Submission of returns 4. List of officers 5. Form of statement of liabilities and cash reserve and other assets 6. Licensing of co-operative societies 7. Opening of new places of business 9. Other returns Manner of publication of accounts and balance-sheet Manner of holding inquiries Banking Regulation Companies Rules, 1.
Short title, extent and commencement 2. Interpretation 2A. List of officers 5A. Determination of the Directors who are to cease to hold office 6.
Deposits 7. Withdrawals of deposits 8. Changes in deposits 9. Maturing of security deposits Interest on deposits Licensing of banking companies Opening of new places of business List of offices 13A. Return under sections 18 and 24 Publication of approved currencies and securities 14A.
Return under sections 25 and 27 14B. Return under section 26 Manner of publication of accounts and balancesheet 15A. Power to exempt in certain cases Banking Regulation Act, 1. Short title, extent and commencement.
Application of other laws not barred. Act to apply to cooperative societies in certain cases. Power to suspend operation of Act. Act to override memorandum, articles, etc. Forms of business in which banking companies may engage. Use of words "bank", "banker", "banking" or "banking company".
Prohibition of trading. Disposal of nonbanking assets. Prohibition of employment of managing agents and restrictions on certain forms of employment. Board of directors to include persons with professional or other experience 10B.
Banking company to be managed by wholetime chairman. Power of Reserve Bank to appoint chairman of the Board of directors appointed on a wholetime basis or a managing director of a banking company. Chairman and certain directors not to be required to hold qualification shares. Provisions of sections 10A and 10B to override all other laws, contracts, etc. Requirement as to minimum paidup capital and reserves. Regulation of paidup capital, subscribed capital and authorised capital and voting rights of shareholders.
Election of new directors. Regulation of acquisition of shares or voting rights. Restriction on commission, brokerage, discount, etc. Prohibition of charge on unpaid capital. Prohibition of floating charge on assets. Restrictions as to payment of dividend. Prohibition of common directors. Reserve Fund.
Cash reserve. Restriction on nature of subsidiary companies. Restrictions on loans and advances.
Banking Regulation Act, 1949
Short title and commencement 2. Nomination in respect of deposits 3. Nomination in respect of articles in safe custody 4. Banking Ombudsman Scheme 1. Short title, commencement, extent and application.
The Banking Regulation Act, Disclaimer: Updating and uploading of all Central Acts available on this web page is the proprietary of the Legislative Department in the Ministry of Law and Justice. The updating and uploading of Rules, Regulations, Notifications, etc. Schedule 1.