RBI Act,
1934
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Reserve Bank of India, 1934
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Section
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Description
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3
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The reserve Bank was
constituted for taking over management of
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currency from central govt,
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3(2)
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Body corporate having
perpetual succession and a common seal
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4
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Capital of RBI is Rs.5
crore
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7(1)
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The Govt. has Power to
Issue Directions to the RBI in public
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interest after consultation with the Governor.
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7(2)
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general superintendence and
direction of the affairs and business
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of the RBI to Central Govt.
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8
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RBI is headed by Governor
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8(a)
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Govt can appoint 4 Deputy
Governors for RBI
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8(2)
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Govt. may appoint a Deputy
Governor of RBI as Chairman of
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NABARD
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17
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Businesses which the
Reserve Bank may transact
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17(1)
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Reserve Bank is authorised
to accept on money on deposit from
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the Central/State Govt. local authorities,
banks Without Interest
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No interest on
deposit accounts of Cental and State Govt.
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17(4)
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Reserve Bank is authorised
to grant loans and advances to any
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scheduled bank, cooperative
banks, SFC's repayable on deman
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or on expiry of fixed periods not exceeding 180 days
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17(4)
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against the security of
stocks, funds and trustee securities, gold or
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silver or documents of
title to the same, such bills of exchange
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and promissory notes
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17(5)
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Loans
and advances to
Central and State
Govt. which are
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repayable not later than 3
months.
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19
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RBI has
been prohibited making
loans and advances, drawing
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and accepting bills payable otherwise than on
demand, engage in
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trade or otherwise
have a direct
interest in any
commercial,
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industrial, or other undertaking
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20
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Requires the Reserve Bank to undertake to :
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20
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Accept monies,make payments, carry out exchange,
remittance
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and other banking operations of the Central
Govt.
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20,21,21A
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Reserve Bank manags the public debt and issues
new loans on
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behalf of the Central and State Govt. Banker to Govt.
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22
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Sole right to issue bank notes
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23
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Issue Dept : Issue of bank notes
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23
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The assets of Issue Dept of Reserve Bank shall
not be subject to
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any liability other than the liabilities of
the Issue Dept.
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24
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Prohibits
issuance of bank
notes by Reserve
Bank for
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denomination exceeding Rs.10,000
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25
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The design, form and materialof bank notes is approved by
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Central Govt
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27
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Prohibits the Reserve Bank from reissuing bank
notes which are
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torn, defaced or excessively soiled
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29
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No Stamp Duty is payable on the bank
notes issued by the
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Reserve Bank
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31
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Banks are Prohibited from issuing Demand Drafts payable to
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bearer
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33
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Assets
of Issue Department : Gold
Coin, Gold Bullion, foreign
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securities and rupee securities
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42(1)
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Every scheduled bank has to maintain cash
reserve with reserve
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banks: Average daily balance of 3% total of
demand and time
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liabilities
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42(2)
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Every Scheduled Bank shall submit to Reserve
Bank a return at
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the close of each alternate Friday showing its
demand and time
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liabilities, cash in hand and with other banks, investments etc.
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42(6)
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Inclusion in and Exclusion from the Second
Schedule of a bank
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45
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Collects credit information from banks
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45
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calls for returns containing credit
information from banks
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45-IA
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NBFC:obtain a certificate of registration from
Reserve Bank
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45-IA
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NBFC:shall have net owned fund of RS.25 lakhs
or such sum not
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exceeding Rs. 200 lakhs
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49
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Bank Rate is defined
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Next >>>>Banking Regulation Act 1949
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