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THE RESERVE BANK OF INDIA ACT, 1934
The Reserve Bank of India Act, 1934
Sections
An ACT
Section 1
CHAPTER I
CHAPTER I - PRELIMINARY
Section 2Section 1. Short title, extent and commencement
Section 1Section 1(1)
Section 1Section 1(2)
Section 1Section 1(3)
Section 1Section 2. Definitions
Section 2Section 2(aii)
Section 2Section 2(aiii)
Section 2Section 2(aiv)
Section 2Section 2(b)
Section 2Section 2(bva)
Section 2Section 2(bvi)
Section 2Section 2(bviiia)
Section 2Section 2(bix)
Section 2Section 2(c)
Section 2Section 2(ci)
Section 2Section 2(cii)
Section 2Section 2(ca)
Section 2Section 2(cb)
Section 2Section 2(cc)
Section 2Section 2(cci)
Section 2Section 2(ccc)
Section 2Section 2(ccci)
Section 2Section 2(cccii)
Section 2Section 2(cccc)
Section 2Section 2(cccci)
Section 2Section 2(cv)
Section 2Section 2(d)
Section 2Section 2(e)
Section 2Section 2(el)
Section 2Section 2(ea)
Section 2Section 2(eb)
Section 2Section 2(fi)
Section 2Section 2(g)
Section 2Section 2(h)
Section 2Section 2(i)
Section 2
CHAPTER II
CHAPTER II - INCORPORATION, CAPITAL, MANAGEMENT AND BUSINESS
Section 38Section 3. Establishment and incorporation of Reserve Bank
Section 3Section 3(1)
Section 3Section 3(2)
Section 3Section 4. Capital of the Bank
Section 4Section 5. [Omitted.]
Section 5Section 6. Offices, branches and agencies
Section 6Section 7. Management
Section 7Section 7(1)
Section 7Section 7(2)
Section 7Section 7(3)
Section 7Section 8. Composition of the Central Board, and term of office of Directors
Section 8Section 8(1)
Section 8Section 8(2)
Section 8Proviso to Section 8(2)
Section 8Section 8(3)
Section 8Proviso to Section 8(3)
Section 8Section 8(4)
Section 8Section 8(5)
Section 8Section 8(7)
Section 8Section 9. Local Boards, their constitution and functions
Section 9Section 10. Disqualifications of Directors and members of Local Boards
Section 10Section 11. Removal from and vacation of office
Section 11Section 12. Casual vacancies and absences
Section 12Section 13. Meetings of the Central Board
Section 13Section 14. [Omitted.]
Section 14Section 15. [Omitted.]
Section 15Section 16. [Omitted.]
Section 16Section 17. Business which the Bank may transact
Section 17Schedule - THE FIRST SCHEDULE
Section 67Schedule - THE SECOND SCHEDULE
Section 68
reserve-bank-of-india-act-1934.json
•
68 Sections
•
India
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"slug": "reserve-bank-of-india-act-1934",
"title": "THE RESERVE BANK OF INDIA ACT, 1934",
"short_title": "The Reserve Bank of India Act, 1934",
"act_number": "2",
"act_year": 1934,
"act_type": "CENTRAL",
"location": "India",
"law_status": "unknown",
"enactment_date": null,
"description": "The Reserve Bank of India Act, 1934",
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"number": "1",
"title": "An ACT",
"chapter": null,
"content": "An Act to constitute a Reserve Bank of India.\nWHEREAS it is expedient to constitute a Reserve Bank for India to regulate the issue of Bank notes and the keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage;\nAND WHEREAS it is essential to have a modern monetary policy framework to meet the challenge of an increasingly complex economy;\nAND WHEREAS the primary objective of the monetary policy is to maintain price stability while keeping in mind the objective of growth;\nAND WHEREAS the monetary policy framework in India shall be operated by the Reserve Bank of India;\nIt is hereby enacted as follows:-",
"footnote": "1; 2; 3",
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"number": "2",
"title": "CHAPTER I - PRELIMINARY",
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"number": "1",
"title": "Section 1. Short title, extent and commencement",
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"content": "1. Short title, extent and commencement.",
"footnote": "",
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{
"number": "1",
"title": "Section 1(1)",
"chapter": null,
"content": "(1) This Act may be called the Reserve Bank of India Act, 1934.",
"footnote": "",
"is_definition": false,
"sort_order": 30
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{
"number": "1",
"title": "Section 1(2)",
"chapter": null,
"content": "(2) It extends to the whole of India.",
"footnote": "4; 5",
"is_definition": false,
"sort_order": 40
},
{
"number": "1",
"title": "Section 1(3)",
"chapter": null,
"content": "(3) This section shall come into force at once, and the remaining provisions of this Act shall come into force on such date or dates as the Central Government may, by notification in the Gazette of India, appoint.",
"footnote": "6; 7",
"is_definition": false,
"sort_order": 50
},
{
"number": "2",
"title": "Section 2. Definitions",
"chapter": null,
"content": "2. Definitions. In this Act, unless there is anything repugnant in the subject or context,-",
"footnote": "",
"is_definition": true,
"sort_order": 60
},
{
"number": "2",
"title": "Section 2(aii)",
"chapter": null,
"content": "(aii) \"the Bank\" means the Reserve Bank of India constituted by this Act;",
"footnote": "9",
"is_definition": true,
"sort_order": 70
},
{
"number": "2",
"title": "Section 2(aiii)",
"chapter": null,
"content": "(aiii) \"Bank for International Settlements\" means by body corporate established with the said name under the law of Switzerland in pursuance of an agreement dated the 20th January, 1930, signed at The Hague;",
"footnote": "10",
"is_definition": true,
"sort_order": 80
},
{
"number": "2",
"title": "Section 2(aiv)",
"chapter": null,
"content": "(aiv) \"bank note\" means a bank note issued by the Bank, whether in physical or digital form, under section 22;",
"footnote": "11",
"is_definition": true,
"sort_order": 90
},
{
"number": "2",
"title": "Section 2(b)",
"chapter": null,
"content": "(b) \"the Central Board\" means the Central Board of Directors of the Bank;",
"footnote": "",
"is_definition": true,
"sort_order": 100
},
{
"number": "2",
"title": "Section 2(bva)",
"chapter": null,
"content": "(bva) \"Consumer Price Index\" means the Consumer Price Index Combined published by the Government of India from time to time;",
"footnote": "2",
"is_definition": true,
"sort_order": 110
},
{
"number": "2",
"title": "Section 2(bvi)",
"chapter": null,
"content": "(bvi) \"Deposit Insurance Corporation\" means the Deposit Insurance Corporation established under section 3 of the Deposit Insurance Corporation Act, 1961 (47 of 1961);",
"footnote": "3; 4",
"is_definition": true,
"sort_order": 120
},
{
"number": "2",
"title": "Section 2(bviiia)",
"chapter": null,
"content": "(bviiia) \"Exim Bank\" means the Export-Import Bank of India established under the Export-Import Bank of India Act, 1981 (28 of 1981);",
"footnote": "7",
"is_definition": true,
"sort_order": 130
},
{
"number": "2",
"title": "Section 2(bix)",
"chapter": null,
"content": "(bix) \"foreign currency\" and \"foreign exchange\" have the meanings respectively assigned to them in the Foreign Exchange Regulation Act, 1973(46 of 1973);",
"footnote": "8",
"is_definition": true,
"sort_order": 140
},
{
"number": "2",
"title": "Section 2(c)",
"chapter": null,
"content": "(c) \"Industrial Finance Corporation\" means the Industrial Finance Corporation of India established under the Industrial Finance Corporation Act, 1948 (15 of 1948);",
"footnote": "8",
"is_definition": true,
"sort_order": 150
},
{
"number": "2",
"title": "Section 2(ci)",
"chapter": null,
"content": "(ci) \"inflation\" means the year wise change in monthly Consumer Price Index expressed in terms of percentage;",
"footnote": "2",
"is_definition": true,
"sort_order": 160
},
{
"number": "2",
"title": "Section 2(cii)",
"chapter": null,
"content": "(cii) \"inflation target\" means the inflation target determined in accordance with sub-section (1) of section 45ZA;",
"footnote": "2",
"is_definition": true,
"sort_order": 170
},
{
"number": "2",
"title": "Section 2(ca)",
"chapter": null,
"content": "(ca) \"International Development Association\" means the \"Association\" referred to in the International Development Association (Status, Immunities and Privileges) Act, 1960 (32 of 1960);",
"footnote": "9",
"is_definition": true,
"sort_order": 180
},
{
"number": "2",
"title": "Section 2(cb)",
"chapter": null,
"content": "(cb) \"International Finance Corporation\" means the \"Corporation\" referred to in the International Finance Corporation (Status, Immunities and Privileges) Act, 1958 (42 of 1958);",
"footnote": "9",
"is_definition": true,
"sort_order": 190
},
{
"number": "2",
"title": "Section 2(cc)",
"chapter": null,
"content": "(cc) \"International Monetary Fund\" and \"International Bank for Reconstruction and Development\" means respectively the \"International Fund\" and the \"International Bank\", referred to in the International Monetary Fund and Bank Act, 1945;",
"footnote": "9",
"is_definition": true,
"sort_order": 200
},
{
"number": "2",
"title": "Section 2(cci)",
"chapter": null,
"content": "(cci) \"Monetary Policy Committee\" means the Committee constituted under sub-section (1) of section 45ZB;",
"footnote": "2",
"is_definition": true,
"sort_order": 210
},
{
"number": "2",
"title": "Section 2(ccc)",
"chapter": null,
"content": "(ccc) \"National Bank\" means the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);",
"footnote": "10",
"is_definition": true,
"sort_order": 220
},
{
"number": "2",
"title": "Section 2(ccci)",
"chapter": null,
"content": "(ccci) \"National Bank for Financing Infrastructure and Development\" means the Institution established under section 3 of the National Bank for Financing Infrastructure and Development Act, 2021;",
"footnote": "11",
"is_definition": true,
"sort_order": 230
},
{
"number": "2",
"title": "Section 2(cccii)",
"chapter": null,
"content": "(cccii) \"other development financial institution\" means a development financial institution licensed under section 29 of the National Bank for Financing Infrastructure and Development Act, 2021;",
"footnote": "11",
"is_definition": true,
"sort_order": 240
},
{
"number": "2",
"title": "Section 2(cccc)",
"chapter": null,
"content": "(cccc) \"National Housing Bank\" means the National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987);",
"footnote": "12",
"is_definition": true,
"sort_order": 250
},
{
"number": "2",
"title": "Section 2(cccci)",
"chapter": null,
"content": "(cccci) \"Policy Rate\" means the rate for repo-transactions under sub-section (12AB) of section 17;",
"footnote": "2",
"is_definition": true,
"sort_order": 260
},
{
"number": "2",
"title": "Section 2(cv)",
"chapter": null,
"content": "(cv) \"Reconstruction Bank\" means the Industrial Reconstruction Bank of India established under section 3 of the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984);",
"footnote": "1",
"is_definition": true,
"sort_order": 270
},
{
"number": "2",
"title": "Section 2(d)",
"chapter": null,
"content": "(d) \"rupee coin\" means rupees which are legal tender in India under the provisions of the Indian Coinage Act, 1906 (3 of 1906);",
"footnote": "2; 3; 4",
"is_definition": true,
"sort_order": 280
},
{
"number": "2",
"title": "Section 2(e)",
"chapter": null,
"content": "(e) \"scheduled bank\" means a bank included in the Second Schedule;",
"footnote": "",
"is_definition": true,
"sort_order": 290
},
{
"number": "2",
"title": "Section 2(el)",
"chapter": null,
"content": "(el) \"Small Industries Bank\" means the Small Industries Development Bank of India established under section 3 of the Small Industries Development Bank of India Act, 1989 (39 of 1989);",
"footnote": "6",
"is_definition": true,
"sort_order": 300
},
{
"number": "2",
"title": "Section 2(ea)",
"chapter": null,
"content": "(ea) \"Sponsor Bank\" means a Sponsor Bank as defined in the Regional Rural Banks Act, 1976 (21 of 1976);",
"footnote": "7",
"is_definition": true,
"sort_order": 310
},
{
"number": "2",
"title": "Section 2(eb)",
"chapter": null,
"content": "(eb) \"State Bank\" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955);",
"footnote": "8; 9",
"is_definition": true,
"sort_order": 320
},
{
"number": "2",
"title": "Section 2(fi)",
"chapter": null,
"content": "(fi) \"State Financial Corporation\" means any State Financial Corporation established under the State Financial Corporations Act, 1951 (63 of 1951);",
"footnote": "11",
"is_definition": true,
"sort_order": 330
},
{
"number": "2",
"title": "Section 2(g)",
"chapter": null,
"content": "(g) \"Unit Trust\" means the Unit Trust of India established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963);",
"footnote": "13",
"is_definition": true,
"sort_order": 340
},
{
"number": "2",
"title": "Section 2(h)",
"chapter": null,
"content": "(h) \"agricultural operations",
"footnote": "",
"is_definition": true,
"sort_order": 350
},
{
"number": "2",
"title": "Section 2(i)",
"chapter": null,
"content": "(i) \"co-operative bank",
"footnote": "",
"is_definition": true,
"sort_order": 360
},
{
"number": "38",
"title": "CHAPTER II - INCORPORATION, CAPITAL, MANAGEMENT AND BUSINESS",
"chapter": "CHAPTER II",
"content": "CHAPTER II\nINCORPORATION, CAPITAL, MANAGEMENT AND BUSINESS",
"footnote": "15",
"is_definition": false,
"sort_order": 370
},
{
"number": "3",
"title": "Section 3. Establishment and incorporation of Reserve Bank",
"chapter": null,
"content": "3. Establishment and incorporation of Reserve Bank.",
"footnote": "",
"is_definition": false,
"sort_order": 380
},
{
"number": "3",
"title": "Section 3(1)",
"chapter": null,
"content": "(1) A bank to be called the Reserve Bank of India shall be constituted for the purposes of taking over the management of the currency from the Central Government and of carrying on the business of banking in accordance with the provisions of this Act.",
"footnote": "16",
"is_definition": false,
"sort_order": 390
},
{
"number": "3",
"title": "Section 3(2)",
"chapter": null,
"content": "(2) The Bank shall be a body corporate by the name of the Reserve Bank of India, having perpetual succession and a common seal, and shall by the said name sue and be sued.",
"footnote": "",
"is_definition": false,
"sort_order": 400
},
{
"number": "4",
"title": "Section 4. Capital of the Bank",
"chapter": null,
"content": "4. Capital of the Bank. The capital of the Bank shall be five crores of rupees.",
"footnote": "1",
"is_definition": false,
"sort_order": 410
},
{
"number": "5",
"title": "Section 5. [Omitted.]",
"chapter": null,
"content": "5. [Increase and reduction of share capital.]-Omitted by the Reserve Bank (Transfer to Public Ownership) Act, 1948 (62 of 1948), s. 7 and the Schedule (w.e.f. 1-1-1949).",
"footnote": "",
"is_definition": false,
"sort_order": 420
},
{
"number": "6",
"title": "Section 6. Offices, branches and agencies",
"chapter": null,
"content": "6. Offices, branches and agencies. The Bank shall, as soon as may be, establish offices in Bombay, Calcutta, Delhi and Madras and may establish branches or agencies in any other place in India or, with the previous sanction of the Central Government elsewhere.",
"footnote": "2; 3; 4; 5",
"is_definition": false,
"sort_order": 430
},
{
"number": "7",
"title": "Section 7. Management",
"chapter": null,
"content": "7. Management.",
"footnote": "6",
"is_definition": false,
"sort_order": 440
},
{
"number": "7",
"title": "Section 7(1)",
"chapter": null,
"content": "(1) The Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest.",
"footnote": "",
"is_definition": false,
"sort_order": 450
},
{
"number": "7",
"title": "Section 7(2)",
"chapter": null,
"content": "(2) Subject to any such directions, the general superintendence and direction of the affairs and business of the Bank shall be entrusted to a Central Board of Directors which may exercise all powers and do all acts and things which may be exercised or done by the Bank.",
"footnote": "",
"is_definition": false,
"sort_order": 460
},
{
"number": "7",
"title": "Section 7(3)",
"chapter": null,
"content": "(3) Save as otherwise provided in regulations made by the Central Board, the Governor and in his absence the Deputy Governor nominated by him in his behalf, shall also have powers of general superintendence and direction of the affairs and the business of the Bank, and may exercise all powers and do all acts and things which may be exercised or done by the Bank.",
"footnote": "7",
"is_definition": false,
"sort_order": 470
},
{
"number": "8",
"title": "Section 8. Composition of the Central Board, and term of office of Directors",
"chapter": null,
"content": "8. Composition of the Central Board, and term of office of Directors.",
"footnote": "8",
"is_definition": false,
"sort_order": 480
},
{
"number": "8",
"title": "Section 8(1)",
"chapter": null,
"content": "(1) The Central Board shall consist of the following Directors, namely:-\n(a) a Governor and not more than four Deputy Governors to be appointed by the Central Government;\n(b) four Directors to be nominated by the Central Government, one from each of the four Local Boards as constituted by section 9;\n(c) ten Directors to be nominated by the Central Government; and\n(d) one Government official to be nominated by the Central Government.",
"footnote": "9; 10",
"is_definition": false,
"sort_order": 490
},
{
"number": "8",
"title": "Section 8(2)",
"chapter": null,
"content": "(2) The Governor and Deputy Governors shall devote their whole time to the affairs of the Bank, and shall receive such salaries and allowances as may be determined by the Central Board, with the approval of the Central Government:",
"footnote": "5",
"is_definition": false,
"sort_order": 500
},
{
"number": "8",
"title": "Proviso to Section 8(2)",
"chapter": null,
"content": "Provided that the Central Board may, if in its opinion it is necessary in the public interest so to do, permit the Governor or a Deputy Governor to undertake, at the request of the Central Government or any State Government, such part-time honorary work, whether related to the purposes of this Act or not, as is not likely to interfere with his duties as Governor or Deputy Governor, as the case may be:\nProvided further that the Central Government may, in consultation with the Bank, appoint a Deputy Governor as the Chairman of the National Bank, on such terms and conditions as that Government may specify.",
"footnote": "11; 12",
"is_definition": false,
"sort_order": 510
},
{
"number": "8",
"title": "Section 8(3)",
"chapter": null,
"content": "(3) A Deputy Governor and the Director nominated under clause (d) of subsection (1) may attend any meeting of the Central Board and take part in its deliberations but shall not be entitled to vote:",
"footnote": "",
"is_definition": false,
"sort_order": 520
},
{
"number": "8",
"title": "Proviso to Section 8(3)",
"chapter": null,
"content": "Provided that when the Governor is, for any reason, unable to attend any such meeting, a Deputy Governor authorised by him in this behalf in writing may vote for him at that meeting.",
"footnote": "1",
"is_definition": false,
"sort_order": 530
},
{
"number": "8",
"title": "Section 8(4)",
"chapter": null,
"content": "(4) The Governor and a Deputy Governor shall hold office for such term not exceeding five years as the Central Government may fix when appointing them, and shall be eligible for re-appointment.\nA Director nominated under clause (c) of sub-section (1) shall hold office for a period of four years and shall be eligible for reappointment:\nProvided that any such Director shall not be appointed for more than two terms, that is, for a maximum period of eight years either continuously or intermittently.\nA Director nominated under clause (d) of sub-section (1) shall hold office during the pleasure of the Central Government.",
"footnote": "2; 3; 4; 5; 6",
"is_definition": false,
"sort_order": 540
},
{
"number": "8",
"title": "Section 8(5)",
"chapter": null,
"content": "(5) No act or proceeding of the Board shall be questioned on the ground merely of the existence of any vacancy in, or any defect in the constitution of, the Board.",
"footnote": "",
"is_definition": false,
"sort_order": 550
},
{
"number": "8",
"title": "Section 8(7)",
"chapter": null,
"content": "(7) A retiring Director shall be eligible for re-nomination.",
"footnote": "7",
"is_definition": false,
"sort_order": 560
},
{
"number": "9",
"title": "Section 9. Local Boards, their constitution and functions",
"chapter": null,
"content": "9. Local Boards, their constitution and functions.\n(1) A Local Board shall be constituted for each of the four areas specified in the First Schedule and shall consist of five members to be appointed by the Central Government to represent, as far as possible, territorial and economic interests and the interests of co-operative and indigenous banks.\n(2) The members of the Local Board shall elect from amongst themselves one person to be the chairman of the Board.\n(3) Every member of a Local Board shall hold office for a term of four years and shall be eligible for reappointment:\nProvided that any such member shall not be appointed for more than two terms, that is, for a maximum period of eight years either continuously or intermittently.\n(4) A Local Board shall advise the Central Board on such matters as may be generally or specifically referred to it and shall perform such duties as the Central Board may delegate to it.",
"footnote": "9; 10; 11",
"is_definition": false,
"sort_order": 570
},
{
"number": "10",
"title": "Section 10. Disqualifications of Directors and members of Local Boards",
"chapter": null,
"content": "10. Disqualifications of Directors and members of Local Boards.\n(1) No person may be a Director or a member of a Local Board who-\n(a) is a salaried Government official, or\n(b) is, or at any time has been, adjudicated an insolvent, or has suspended payment or has compounded with his creditors, or\n(c) is found lunatic or becomes of unsound mind, or\n(d) is an officer or employee of any bank, or\n(e) is a Director of banking company within the meaning of clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), or of a co-operative bank.\n(2) No two persons who are partners of the same mercantile firm, or are Directors of the same private company, or one of whom is the general agent of or holds a power of procuration from the other, or from a mercantile firm of which the other is a partner, may be Directors or members of the same Local Board at the same time.\n(3) Nothing in clause (a), clause (d) or clause (e) of sub-section (1) shall apply to the Governor, or to a Deputy Governor or to the Director nominated under clause (d) of sub-section (1) of section 8.",
"footnote": "12; 13; 1; 2",
"is_definition": false,
"sort_order": 580
},
{
"number": "11",
"title": "Section 11. Removal from and vacation of office",
"chapter": null,
"content": "11. Removal from and vacation of office.-\n(1) The Central Government may remove from office the Governor, or a Deputy Governor or any other Director or any member of a Local Board.\n(2) A Director nominated under clause (b) or clause (c) of sub-section(1) of section 8 shall cease to hold office if without leave from the Central Board he absents himself from three consecutive meetings of the Board convened under sub-section (1) of section 13.\n(3) The Central Government shall remove from office any Director, and the Central Board shall remove from office any member of a Local Board, if such Director or member becomes subject to any of the disqualifications specified in sub-section (1) or sub-section (2) of section 10.\n(4) A Director or member of a Local Board removed or ceasing to hold office under the foregoing sub-sections shall not be eligible for re-appointment either as Director or as member of a Local Board until the expiry of the term for which his appointment was made.\n(5) The nomination as Director or member of a Local Board of any person who is a member of Parliament or the Legislature of any State shall be void, unless within two months of the date of his nomination he ceases to be such member, and if any Director or member of a Local Board is elected or nominated as a member of Parliament or any such Legislature, he shall cease to be a Director or member of the Local Board as from the date of such election or nomination, as the case may be.\n(6) A Director may resign his office to the Central Government, and a member of a Local Board may resign his office to the Central Board, and on the acceptance of the resignation the office shall become vacant.",
"footnote": "3; 4; 5; 6; 7; 8; 9; 10; 11",
"is_definition": false,
"sort_order": 590
},
{
"number": "12",
"title": "Section 12. Casual vacancies and absences",
"chapter": null,
"content": "12. Casual vacancies and absences.\n(1) If the Governor or a Deputy Governor by infirmity or otherwise is rendered incapable of executing his duties or is absent on leave or otherwise in circumstances not involving the vacation of his appointment, the Central Government may, after consideration of the recommendations made by the Central Board in this behalf, appoint another person to officiate for him, and such person may, notwithstanding anything contained in clause (d) or sub-section (1) of section 10, be an officer of the Bank.\n(3) Where any casual vacancy in the office of any member of a Local Board occurs the Central Board may nominate thereto any person recommended by the other members of the Local Board.\n(4) Where any casual vacancy occurs in the office of a Director other than the vacancies provided for in sub-section(1), the vacancy shall be filled by the Central Government.\n(5) A person nominated under this section to fill a casual vacancy shall hold office for the unexpired portion of the term of his predecessor.",
"footnote": "3; 1; 2; 4; 5; 6",
"is_definition": false,
"sort_order": 600
},
{
"number": "13",
"title": "Section 13. Meetings of the Central Board",
"chapter": null,
"content": "13. Meetings of the Central Board.-\n(1) Meetings of the Central Board shall be convened by the Governor at least six times in each year and at least once in each quarter.\n(2) Any four Directors may require the Governor to convene a meeting of the Central Board at any time and the Governor shall forthwith convene a meeting accordingly.\n(3) The Governor, or if for any reason, he is unable to attend, the Deputy Governor authorised by the Governor under the proviso to sub-section (3) of section 8 to vote for him shall preside at meetings of the Central Board, and, in the event of an equality of votes, shall have a second or casting vote.",
"footnote": "7; 8",
"is_definition": false,
"sort_order": 610
},
{
"number": "14",
"title": "Section 14. [Omitted.]",
"chapter": null,
"content": "14. [General meetings].-Omitted by the Reserve Bank (Transfer to Public Ownership) Act, 1948 (62 of 1948), s. 7 and the Schedule (w.e.f. 1-1-1949).",
"footnote": "",
"is_definition": false,
"sort_order": 620
},
{
"number": "15",
"title": "Section 15. [Omitted.]",
"chapter": null,
"content": "15. [First constitution of the Central Board].-Omitted by s. 7 and the Schedule, ibid. (w.e.f. 1-1-1949).",
"footnote": "",
"is_definition": false,
"sort_order": 630
},
{
"number": "16",
"title": "Section 16. [Omitted.]",
"chapter": null,
"content": "16. [First constitution of local board]. -Omitted by s.7 and the Schedule, ibid. (w.e.f. 1-1-1949).",
"footnote": "",
"is_definition": false,
"sort_order": 640
},
{
"number": "17",
"title": "Section 17. Business which the Bank may transact",
"chapter": null,
"content": "17. Business which the Bank may transact.-The Bank shall be authorised to carry on and transact the several kinds of business hereinafter specified, namely:-\n(1) the accepting of money on deposit without interest from, and the collection of money for, the Central Government, the State Government, local authorities, banks and any other persons:\n(1A) The accepting of money as deposits, repayable with interest, from banks or any other person under the Standing Deposit Facility Scheme, as approved by the Central Board, from time to time, for the purposes of liquidity management;",
"footnote": "9; 10; 11; 12; 13; 14; 15; 16",
"is_definition": false,
"sort_order": 650
},
{
"number": "67",
"title": "Schedule - THE FIRST SCHEDULE",
"chapter": null,
"content": "THE FIRST SCHEDULE\n[See section 9]\n1. The Western Area shall consist of the States of Goa, Gujarat, Madhya Pradesh and Maharashtra and the Union territories of Dadra and Nagar Haveli, and Daman and Diu.\n2. The Eastern Area shall consist of the States of Arunachal Pradesh, Assam, Bihar, Manipur, Meghalaya, Mizoram, Nagaland, Orissa, Sikkim, Tripura and West Bengal and the Union territories of Andaman and Nicobar Islands.\n3. The Northern Area shall consist of the States of Jammu and Kashmir, Punjab, Haryana, Himachal Pradesh, Rajasthan and Uttar Pradesh and the Union territories of Chandigarh and Delhi.\n4. The Southern area shall consist of the States of Andhra Pradesh, Karnataka, Tamil Nadu and Kerala and the Union territories of Pondicherry and Lakshadweep.",
"footnote": "1; 2; 3; 4; 5; 6; 7; 8; 9; 10",
"is_definition": false,
"sort_order": 660
},
{
"number": "68",
"title": "Schedule - THE SECOND SCHEDULE",
"chapter": null,
"content": "THE SECOND SCHEDULE\r\n[See section 42 and section 2(e)]\r\nSCHEDULED BANKS\r\nAbhyudaya Co-operative Bank Ltd., Bombay.\r\nAhmednagar Sahakari Bank Ltd., Mumbai (1998)\r\nAjodhia Bank, Fyzabad.\r\nAkola Janta Commercial Co-operative Bank Ltd., Akola (Maharashtra). (w.e.f. 22-5-1999).\r\nAkola Urban Co-operative Bank Ltd., Akola (Maharashtra).\r\nAlgemene Bank Nederland N.V.\r\nAllahabad Bank.\r\nAllahabad UP Gramin Bank Uttar Pradesh.\r\nAxis Bank Ltd.\r\nBandhan Bank Limited\r\nBangiya Gramin Vikas Bank, Berhampore (West Bengal)\r\nBank of America National Association.\r\nBank of Baroda.\r\nBank of India.\r\nCanara Bank.\r\nCentral Bank of India.\r\nHDFC Bank Ltd. (1995).\r\nICICI Bank Ltd.\r\nIDBI Bank Limited.\r\nState Bank of India.\r\nUnion Bank of India.\r\nYes Bank Limited.\r\nZoroastrian Co-operative Bank Ltd. Mumbai, Maharashtra.",
"footnote": "1; 2; 3; 4; 5; 6; 7; 8; 9; 10",
"is_definition": false,
"sort_order": 670
}
],
"metadata": {
"Act ID": "193402",
"Act Number": "2",
"Enactment Date": "1934-03-06",
"Act Year": "1934",
"Short Title": "The Reserve Bank of India Act, 1934",
"Department": "Department of Financial Services",
"Type": "CENTRAL",
"Location": "India"
},
"updated_at": "2026-09-29 21:51:57"
}