Hello and welcome to exampundit. Today we are sharing the most Important Sections in Reserve Bank of India Act 1934. This will be important for all Bank Exams.
Reserve Bank of India Act 1934 is the legislative act under which the Reserve Bank of India was formed.
There are total 61 sections in the Reserve Bank of India Act 1934.
Important Sections in Reserve Bank of India Act 1934
- Section 17. Business which the Bank may transact.
- Section 18. Power of direct discount.
- Section 18A. Validity of loan or advance not to be questioned.
- Section 20. Obligation of the Bank to transact Government business.
- Section 21. Bank to have the right to transact Government business in India.
- Section 21A. Bank to transact Government business of States on agreement
- Section 22. Right to issue bank notes.
- Section 23. Issue Department.
- Section 24. Denominations of notes.
- Section 25. Form of bank notes.
- Section 26. Legal tender character of notes.
- Section 26A. Certain bank notes to cease to be legal tender.
- Section 27. Re-issue of notes.
- Section 28. Recovery of notes lost, stolen, mutilated or imperfect.
- Section 28A. Issue of special bank notes and special one rupee notes in certain cases.
- Section 29. Bank exempt from stamp duty on bank notes.
- Section 30. Powers of Central Government to supersede Central Board.
- Section 31. Issue of demand bills and notes.
- Section 37. Suspension of assets requirements as to foreign securities.
- Section 38. Obligations of Government and the Bank in respect of rupee coin.
- Section 39. Obligation to supply different forms of currency.
- Section 40. Transactions in foreign exchange.
- Section 42. Cash reserves of scheduled banks to be kept with the Bank.
- Section 43. Publication of consolidated statement by the Bank.
- Section 45B. Power of Bank to collect credit information.
- Section 45C. Power to call for returns containing credit information.
- Section 45-IA. Requirement of registration and net owned fund.
- Section 45-IB. Maintenance of percentage of assets.
- Section 45-IC. Reserve fund.
- Section 45J. Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money.
- Section 45JA. Power of Bank to determine policy and issue directions.
- Section 45K. Power of Bank to collect information from non-banking institutions as to deposits and to give directions.
- Section 45L. Power of Bank to call for information from financial institutions and to give directions.
- Section 45M. Duty of non-banking institutions to furnish statements, etc., required by Bank.
- Section 45MA. Powers and duties of auditors.
- Section 45MB. Power of Bank to prohibit acceptance of deposit and alienation of assets.
- Section 45ZA. Inflation target.
- Section 45ZB. Constitution of Monetary Policy Committee
- Section 45ZM. Monetary Policy Report.
- Section 46. Contribution by Central Government to the Reserve Fund.
- Section 58. Power of the Central Board to make regulations.
These were the most Important Sections in Reserve Bank of India Act 1934.
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