The Reserve Bank of India Act, 1934
CHAPTER I
PRELIMINARY
1. Short title, extent and commencement.
2. Definitions.
CHAPTER II
INCORPORATION, CAPITAL, MANAGEMENT AND BUSINESS
3. Establishment and incorporation of Reserve Bank.
4. Capital of the Bank.
5. [Repealed].
6. Offices, branches and agencies.
7. Management.
8. Composition of the Central Board, and term of office of Directors.
9. Local Boards, their constitution and functions.
10. Disqualifications of Directors and members of Local Boards.
11. Removal from and vacation of office.
12. Casual Vacancies and absences
13. Meetings of the Central Board.
14 to 16. [General meetings. First constitution of the Central Board. First constitution of Local Board.]
17. Business which the Bank may transact.
18. Power of direct discount.
18A. Validity of loan or advance not to be questioned.
19. Business which the Bank may not transact.
CHAPTER III
CENTRAL BANKING FUNCTIONS
20. Obligation of the Bank to transact Government business.
20-A [Repealed]
21. Bank to have the right to transact Government business in India.
21A. Bank to transact Government business of States on agreement.
21B. Effect of agreements made between the Bank and certain States before the 1st November, 1956.
22. Right to issue bank notes.
23. Issue Department.
24. Denominations of notes.
25. Form of bank notes.
26. Legal tender character of notes.
26A. Certain bank notes to cease to be legal tender.
27. Re-issue of notes.
28. Recovery of notes lost, stolen, mutilated or imperfect.
28A. Issue of special bank notes and special one-rupee notes in certain cases.
29. Bank exempt from stamp duty on bank notes.
30. Powers of Central Government to supersede Central Board.
31. Issue of demand bills and notes.
32. [Penalty.]
33. Assets of the Issue Department.
34. Liabilities of the Issue Department.
35. [Repealed.]
36. [Omitted.]
37. Suspension of assets requirements as to foreign securities.
38. Obligations of Government and the Bank in respect of rupee coin.
39. Obligation to supply different forms of currency.
40. Transactions in foreign exchange.
41A. [Repealed]
42. Cash reserves of scheduled banks to be kept with the Bank.
43. Publication of consolidated statement by the Bank.
43A. Protection of action taken in good faith.
44. [Omitted.]
45. Appointment of Agents.
CHAPTER IIIA
COLLECTION AND FURNISHING OF CREDIT INFORMATION
45A. Definitions.
45B. Power of Bank to collect credit information.
45C. Power to call for returns containing credit information.
45D. Procedure for furnishing credit information to banking companies.
45E. Disclosure of information prohibited.
45F. Certain claims for compensation barred.
45G. [Penalties.]
CHAPTER IIIB
PROVISIONS RELATING TO NON-BANKING INSTITUTIONS RECEIVING DEPOSITS AND FINANCIAL INSTITUTIONS
45H. Chapter IIIB not to apply in certain cases.
45I. Definitions.
45-IA. Requirement of registration and net owned fund.
45-IB. Maintenance of percentage of assets.
45-IC. Reserve fund.
45-ID. Power of Bank to remove directors from office.
45-IE. Supersession of Board of directors of non-banking financial company (other than Government Company).
45J. Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money.
45JA. Power of Bank to determine policy and issue directions.
45K. Power of Bank to collect information from non-banking institutions as to deposits and to give directions.
45L. Power of Bank to call for information from financial institutions and to give directions.
45M. Duty of non-banking institutions to furnish statements, etc., required by Bank.
45MA. Powers and duties of auditors.
45MAA. Power to take action against auditors.
45MB. Power of Bank to prohibit acceptance of deposit and alienation of assets.
45MBA. Resolution of non-banking financial company.
45MC. Power of Bank to file winding up petition.
45N. Inspection.
45NA. Deposits not to be solicited by unauthorised person.
45NAA. Power in respect of group companies
45NB. Disclosure of information.
45NC. Power of Bank to exempt.
45O. [Omitted.]
45P. [Omitted.]
45Q. Chapter IIIB to override other laws.
45QA. Power of Company Law Board to offer repayment of deposit.
45QB. Nomination by depositors.
CHAPTER IIIC
PROHIBITION OF ACCEPTANCE OF DEPOSITS BY UNINCORPORATED
BODIES
45R. Interpretation.
45S. Deposits not to be accepted in certain cases.
45T. Power to issue search warrants.
CHAPTER IIID
REGULATION OF TRANSACTIONS IN DERIVATIVES, MONEY MARKET INSTRUMENTS, SECURITIES, ETC.
45U. Definitions.
45V. Transactions in derivatives.
45W. Power to regulate transactions in derivatives, money market instruments, etc.
45X. Duty to comply with directions and furnish information.
CHAPTER IIIE
JOINT MECHANISM
45Y. Joint Mechanism.
CHAPTER IIIF
MONETARY POLICY
45Z. Provisions of this Chapter to override other provisions of Act.
45ZA. Inflation target.
45ZB. Constitution of Monetary Policy Committee.
45ZC. Eligibility and selection of Members appointed by Central Government.
45ZD. Terms and conditions of appointment of Members of Monetary Policy Committee.
45ZE. Removal of Members of Monetary Policy Committee.
45ZF. Vacancies etc., not to invalidate proceedings of Monetary Policy Committee.
45ZG. Secretary to Monetary Policy Committee.
45ZH. Information for Monetary Policy Committee Members.
45ZI. Meetings of Monetary Policy Committee.
45ZJ. Steps to be taken to implement decisions of Monetary Policy Committee.
45ZK. Publication of decisions.
45ZL. Publication of proceedings of meeting of Monetary Policy Committee.
45ZM. Monetary Policy Report.
45ZN. Failure to maintain inflation target.
45ZO. Power to make rules.
CHAPTER IV
GENERAL PROVISIONS
46. Contribution by Central Government to the Reserve Fund.
46A. Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilisation) Fund.
46B. [Repealed]
46C. National Industrial Credit (Long Term Operations) Fund.
46D. National Housing Credit (Long Term Operations) Fund.
47. Allocation of surplus profits.
48. Exemption of Bank from income-tax and super-tax.
49. Publication of bank rate.
50. Auditors.
51. Appointment of special auditors by Government.
52. Powers and duties of auditors.
53. Returns.
54. Rural Credit and Development.
54A. Delegation of powers.
54AA. Power of Bank to depute its employees to other institutions.
55 and 56. [Reports by the Bank. Power to require declaration as to ownership of registered shares.]
57. Liquidation of the Bank.
58. Power of the Central Board to make regulations.
58A. Protection of action taken in good faith.
CHAPTER V
PENALTIES
58B. Penalties.
58C. Offences by companies.
58D. Application of section 58B barred.
58E. Cognizance of offences.
58F. Application of fine.
58G. Power of Bank to impose fine.
59 to 61. [Amendment of Act 3 of 1906. Repeals, Amendment of section 11, Act 7 of 1913.]
THE FIRST SCHEDULE- Areas served by various local boards
THE SECOND SCHEDULE- Scheduled banks
THE THIRD SCHEDULE- [REPEALED]
THE FOURTH SCHEDULE- [REPEALED]