Banking Regulation Act 1949 is an act passed in the year 1949 for the purpose of regulating banks across the country. It was earlier called the banking companies act of 1949, and later in 1966, it came to be known as the banking regulation act of 1949.
| Name of the Banking Acts | Year |
| Societies Registration Act | 1860 |
| Negotiable Instrument Act | 1881 |
| Indian Trusts Act | 1882 |
| The Banker’s Books Evidence Act | 1891 |
| Indian Stamp Act | 1899 |
| Co-operative Societies Act | 1912 |
| Provident Funds Act | 1925 |
| Indian Partnership Act | 1934 |
| The Reserve Bank of India Act | 1934 |
| Insurance Act | 1938 |
| Central Excise Act | 1944 |
| Public Debt Act | 1944 |
| International Monetary Fund and Bank Act | 1945 |
| Employees’ State Insurance Act | 1948 |
| The Industrial Finance Corporation of India Act | 1948 |
| The Banking Companies (Legal Practitioner Clients Accounts) Act | 1949 |
| The Industrial Disputes (Banking and Insurance Companies) Act | 1949 |
| The Banking Regulation(Companies) Rules | 1949 |
| The Banking Regulation Act | 1949 |
| Chartered Accountants Act | 1949 |
| Contingency Fund of India Act | 1950 |
| The State Financial Corporations Act | 1951 |
| Employees Provident Fund and Miscellaneous Provisions Act | 1952 |
| The Reserve Bank of India (Amendment and Misc. Provisions) Act | 1953 |
| The Industrial Disputes (Banking Companies) Decision Act | 1955 |
| The State Bank of India Act | 1955 |
| Life Insurance Corporation Act | 1956 |
| Companies Act | 1956 |
| Central Sales Tax Act | 1956 |
| The State Bank of India (Subsidiary Banks) Act | 1959 |
| The Subsidiary Bank’s General Regulation | 1959 |
| The Deposit Insurance and Credit Guarantee Corporation Act | 1961 |
| Customs Act | 1962 |
| Unit Trust of India Act | 1963 |
| Limitation Act | 1963 |
| Nationalization of Banks Act (However, the government decided to nationalize 14 major commercial banks on 19th July 1969) | 1964 |
| Banking Laws (Application to Co-operative Societies) Act | 1965 |
| Banking Companies (Acquisition and Transfer of Undertaking) Act | 1969 |
| The Nationalized Banks (Management and Miscellaneous Provisions) Scheme | 1970 |
| The Banking Companies (Acquisition and Transfer of Undertakings) Act | 1970 |
| The Regional Rural Banks Act | 1976 |
| Foreign Contribution (Regulation) Act | 1976 |
| The Banking Companies (Acquisition and Transfer of Undertakings) Act | 1980 |
| The Export-Import Bank of India Act | 1981 |
| The National Bank for Agriculture and Rural Development Act | 1981 |
| Chit Fund Act | 1982 |
| Sick Industrial Companies (Special Provisions)Act | 1985 |
| Shipping Development Fund Committee (Abolition) Act | 1985 |
| Banking Companies (Regulation)Rules | 1985 |
| The National Housing Bank Act | 1987 |
| SIDBI Act | 1989 |
| SIDBI General Regulations | 1990 |
| Securities and Exchange Board of India Act | 1992 |
| The Special Court (trial of Offences relating to Transactions in Securities) Act | 1992 |
| The Industrial Finance Corporation (Transfer of Undertakings and Repeal) Act | 1993 |
| Recovery of Debts due to Banks and Financial Institutions Act | 1993 |
| Debts Recovery Appellate Tribunal (Procedure) Rules | 1994 |
| Industrial Reconstruction Bank (Transfer of Undertaking & Appeal) Act | 1997 |
| Foreign Exchange Management Act | 1999 |
| Insurance Regulatory and Development Authority Act | 1999 |
| Prevention of Money Laundering Act | 2002 |
| Fiscal Responsibility and Budget Management Act | 2002 |
| The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act | 2002 |
| Industrial Development Bank (Transfer of Undertaking & Repeal) Act | 2003 |
| Credit Information Companies (Rules & Regulation) Act | 2005 |
| Government Securities Act | 2006 |
| The Banking Ombudsman Scheme | 2006 |
| Factoring Act Rules | 2011 |
| SARFAESI (Central registry) Rules | 2011 |
| Securities Law (Amendment) Act | 2014 |
| The Regional Rural Banks (Amendment) Act – Diluted the sharing pattern by limiting the composite share of Central Government and sponsor bank to 51% | 2014 |
| The Insurance Laws (Amendment) Act- pushed FDI limit to 49% | 2015 |
| The Companies Act (Amended) (legislated in 1956) | 2015 |
List of Section in the Banking Sector:
| Section 1 | Short title, extent and commencement |
| Section 2 | Application of other laws not barred |
| Section 3 | Act to apply to cooperative societies in certain cases |
| Section 4 | Power to suspend the operation of Act |
| Section 5 | Interpretation |
| Section 5A | Act to override memorandum, articles, etc |
| Section 6 | Form and business in which banking companies may engage |
| Section 7 | Use of words “bank”, “banker”, “banking” or “banking company” |
| Section 8 | Prohibition of trading |
| Section 9 | Disposal of non-banking assets |
| Section 10 | Prohibition of employment of Managing agents and restrictions on certain forms of employment |
| Section 10A | Board of Directors to include persons with professional or other experience |
| Section 10B | Banking company to be managed by whole-time Chairman |
| Section 10BB | Power of Reserve Bank to appoint a Chairman of the Board of Directors appointed on a whole-time basis or a Managing Director of a banking company |
| Section 10C | Chairman and certain Directors are not to be required to hold qualification shares |
| Section 10D | Provisions of sections 10A and 10B to override all other laws, contracts, etc. |
| Section 11 | Requirement as to minimum paid-up capital and reserves |
| Section 12 | Regulation of paid-up capital, subscribed capital and authorized capital, and voting rights of shareholders |
| Section 12A | Election of new Directors |
| Section 12B | Regulation of acquisition of shares or voting rights |
| Section 13 | Restriction on commission, brokerage, discount, etc. on the sale of shares |
| Section 14 | Prohibition of charge on unpaid capital |
| Section 14A | Prohibition of floating charges on assets |
| Section 15 | Restrictions as to payment of dividend |
| Section 16 | Prohibition of common Directors |
| Section 17 | Reserve Fund |
| Section 18 | Cash reserve |
| Section 19 | Restriction on the nature of subsidiary companies |
| Section 20 | Restrictions on loans and advances |
| Section 20A | Restrictions on power to remit debts |
| Section 21 | Power of Reserve Bank to control advances by banking companies |
| Section 21A | Rates of interest charged by banking companies not to be subject to scrutiny by courts |
| Section 22 | Licensing of banking companies |
| Section 23 | Restrictions on the opening of new, and transfer of existing, places of business |
| Section 24 | Maintenance of a percentage of assets |
| Section 25 | Assets in India |
| Section 26 | Return of unclaimed deposits |
| Section 26A | Establishment of Depositor Education and Awareness Fund |
| Section 27 | Monthly returns and power to call for other returns and information |
| Section 28 | Power to publish information |
| Section 29 | Accounts and balance-sheet |
| Section 29A | Power in respect of associate enterprises |
| Section 30 | Audit |
| Section 31 | Submission of returns |
| Section 32 | Copies of balance sheets and accounts are to be sent to the registrar |
| Section 33 | Display of audited balance-sheet by companies incorporated outside India |
| Section 34 | Accounting provisions of this Act are not retrospective |
| Section 34A | Production of documents of confidential nature |
| Section 35 | Inspection |
| Section 35A | Power of the Reserve Bank to give directions |
| Section 35 AA | Power of Central Government to authorize Reserve Bank for issuing directions to banking companies to initiate an insolvency resolution process |
| Section 35AB | Power of Reserve Bank to issue directions in respect of stressed assets |
| Section 35B | Amendments of provisions relating to appointments of Managing Directors, etc., to be subject to the previous approval of the Reserve Bank |
| Section 36 | Further powers and functions of the Reserve Bank |
| Section 36A | Certain provisions of the Act do not apply to certain banking companies |
| Section 36AA | Power of Reserve Bank to remove managerial and other persons from office |
| Section 36AB | Power of Reserve Bank to appoint additional Directors |
| Section 36AC | Part IIA to override other laws |
| Section 36ACA | Supersession of the Board of Directors in certain cases |
| Section 36AD | Punishments for certain activities in relation to banking companies |
| Section 36AE | Power of Central Government to acquire undertakings of banking companies in certain cases |
| Section 36AF | The power of the Central Government to make the scheme |
| Section 36AG | Compensation to be given to shareholders of the acquired bank |
| Section 36AH | Constitution of the Tribunal |
| Section 36AI | Tribunal to have powers of a civil court |
| Section 36AJ | The procedure of the Tribunal |
| Section 36B | High Court defined |
| Section 37 | Suspension of Business |
| Section 38 | Winding up by High Court |
| Section 38A | Court liquidator |
| Section 39 | Reserve Bank to be the official liquidator |
| Section 39A | Application of Companies Act to liquidators |
| Section 40 | Stay of proceedings |
| Section 41 | A preliminary report by the official liquidator |
| Section 41A | Notice to preferential claimants and secured and unsecured creditors |
| Section 42 | Power to dispense with meetings of creditors, etc |
| Section 43 | Booked depositors’ credits to be deemed proved |
| Section 43A | Preferential payments to depositors |
| Section 44 | Powers of the High Court in voluntary winding up |
| Section 44A | Procedure for amalgamation of banking companies |
| Section 44B | Restriction on compromise or arrangement between a banking company and creditors |
| Section 45 | Power of the Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare a scheme of reconstitution or amalgamation |
| Section 45A | Part III A to override other laws |
| Section 45B | Power of the High Court to decide all claims in respect of banking companies |
| Section 45C | Transfer of pending proceedings |
| Section 45D | Settlement of list of debtors |
| Section 45E | Special provisions to make calls on contributors |
| Section 45F | Documents of banking company to be evidence |
| Section 45G | Public examination of Directors and auditors |
| Section 45H | Special provisions for assessing damages against delinquent Directors, etc |
| Section 45I | Duty of Directors and officers of banking company to assist in the realization of property |
| Section 45J | Special provisions for punishing offenses in relation to banking companies being wound up |
| Section 45K | [Repealed] |
| Section 45L | Public examination of Directors and auditors, etc., in respect of a banking company under schemes of arrangement |
| Section 45M | Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act |
| Section 45N | Appeals |
| Section 45O | Special period of limitation |
| Section 45P | Reserve Bank to tender advice in winding up proceedings |
| Section 45Q | Power to Inspect |
| Section 45R | Power to call for returns and information |
| Section 45S | Chief Presidency Magistrate and District Magistrate to assist the official liquidator in taking charge of the property of the banking company being wound up |
| Section 45T | Enforcement of orders and decisions of the High Court |
| Section 45U | Power of the High Court to make rules |
| Section 45V | References to Directors, etc., shall be construed as including references to past Directors, etc |
| Section 45W | Part II not apply to banking companies being wound up |
| Section 45X | Validation of certain proceedings |
| Section 45Y | Power of Central Government to make rules for the preservation of records |
| Section 45Z | Return of paid instruments to customers |
| Section 45ZA | Nomination for payment of depositors’ money |
| Section 45ZB | Notice of claims of other persons regarding deposits not receivable |
| Section 45ZC | Nomination for return of articles kept in safe custody with a banking company |
| Section 45ZD | Notice of claims of other persons regarding articles not receivable |
| Section 45ZE | Release of contents of safety lockers |
| Section 45ZF | Notice of claims of other persons regarding safety lockers not receivable |
| Section 46 | Penalties |
| Section 46A | Chairman, Director, etc., to be public servants for the purposes of Chapter IX of the Indian Penal Code |
| Section 47 | Cognizance of offenses |
| Section 47A | Power of Reserve Bank to impose a penalty |
| Section 48 | Application of fines |
| Section 49 | Special provisions for private banking companies |
| Section 49A | Restriction on acceptance of deposits withdrawal by Cheque |
| Section 49B | Change of name by a banking company |
| Section 49C | Alteration of memorandum of a banking company |
| Section 50 | Certain claims for compensation barred |
| Section 51 | Application of certain provisions to the State Bank of India and other notified banks |
| Section 52 | The power of Central Government to make rules |
| Section 53 | Power to exempt in certain cases |
| Section 54 | Protection of action taken under the Act |
| Section 55 | Amendment of Act 2 of 1934 |
| Section 55A | Power to remove difficulties |
| Section 56 | Act to apply to co-operative societies subject to modifications |
