close

17. Business which the Bank may transact.

The Bank shall be authorized to carry on and transact the several kinds of business hereinafter specified, namely: -

(1) the accepting of money on deposit without interest from and the collection of money for, 1[* * *] the 2[Central Government], 3[4[* * *] the 5[State] Governments 6[* * *] 7[* * *] local authorities, banks and any other persons;

8[(1-A) 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;]

(2) (a) the purchase, sale and rediscount of bills of exchange and promissory notes, 9[drawn on 10[and payable in India]] and arising out of bona fide commercial or trade transactions bearing two or more good signatures, one of which shall be that of a scheduled bank 11[or a State co-operative bank] 12[or any financial institution, which is predominantly engaged in the acceptance or discounting of bills of exchange and promissory notes and which is approved by the Bank in this behalf] 13[* * *] and 14[maturing,–

(i) in the case of bills of exchange and promissory notes arising out of any such transaction relating to the export of goods from India, within one hundred and eighty days, and

(ii) in any other case, within ninety days, from the date of such purchase or rediscount exclusive of days of grace;]

(b) the purchase, sale and rediscount of bills of exchange and promissory notes, 15[drawn 16[and payable in India]] and bearing two or more good signatures, one of which shall be that of a scheduled bank 17[or a 18[State] co-operative bank 19[or any financial institution, which is predominantly engaged in the acceptance or

discounting of bills of exchange and promissory notes and which is approved by the Bank in this behalf] and drawn or issued for the purpose of 20[financing agricultural operations] or the marketing of crops, and maturing within 21[fifteen months] from the date of such purchase or rediscount, exclusive of days of grace;

22[* * * * *]

23[(bb) the purchase, sale and rediscount of bills of exchange and promissory notes drawn and payable in India and bearing two or more good signatures, one of which shall be that of a State Co-operative bank] or a State financial corporation 24[or any financial institution, which is predominantly engaged in the acceptance or discounting of bills of exchange and promissory notes and which is approved by the Bank in this behalf, and drawn or issued for the purpose of financing the production or marketing activities of cottage and small scale industries approved by the Bank and maturing within twelve months from the date of such purchase or rediscount, exclusive of days of grace, provided that the payment of the principal and interest of such bills of exchange or promissory notes is fully guaranteed by the State Government;]

(c) the purchase, sale and rediscount of bills of exchange and promissory notes 25[drawn 26[and payable in India]] and bearing the signature of a scheduled bank, 27[* * *] and issued or drawn for the purpose of holding or trading in securities of 28[the Central Government 29[or a 30[State] Government]] 31[* * *] and maturing within ninety days from the date of such purchase or rediscount, exclusive of days of grace;

(3) (a) the purchase from and sale to scheduled banks 32[* * *] of 33[foreign exchange] 34[* * *].

35[(b) the purchase, sale and rediscount of bills of exchange (including treasury bills) drawn in or on any place in any country outside India which is a member of the International Monetary Fund and maturing, –

(i) in the case of bills of exchange arising out of any bona fide transaction relating to the export of goods from India, within one hundred and eighty days, and

(ii) in any other case, within ninety days,

from the date of such purchase or rediscount:

Provided that no such purchase, sale or rediscount shall be made in India except with a scheduled bank or a State co-operative bank;]

36[* * * * *]

37[(3A) the making to any scheduled bank or State co-operative bank, of loans and advances, against promissory notes of such bank, repayable on demand or on the expiry of fixed periods not exceeding one hundred and eighty days;

Provided that the borrowing bank furnishes a declaration in writing, to the effect that –

(i) it holds bills of exchange arising out of any transaction relating to the export of goods from India, of a value not less than the amount of such loans or advances, –

(a) drawn in India and on any place in any country outside India which is a member of the International Monetary Fund or in any other country notified in this behalf by the Bank in the Gazette of India, and

38(b) maturing not later than one hundred and eighty days from the date of the loan or advance, and it will, so long as any part of such loans and advances remains unpaid, continue to hold such bills of exchange of a value not less than the amount of such loans or advances outstanding for the time being; or]

39[(ii) it has granted a pre-shipment loan or advance to an exporter or any other person in India in order to enable him to export goods from India, the amount of the loan or advance drawn and outstanding at any time being not less than the outstanding amount of the loan or advance obtained by the borrowing bank from the Bank;]]

40[(3B) the making to any scheduled bank or State co-operative bank of loans and advances repayable on demand or on the expiry of fixed periods not exceeding one hundred and eighty days against promissory notes of such bank;

Provided that the borrowing bank furnishes a declaration in writing to the effect that it has made loans and advances for bona fide commercial or trade transactions or for financing agricultural operations or the marketing of crops or for other agricultural purposes as set out in the declaration and the said declaration includes such other particulars as may be required by the Bank:]

(4) the making to 41[* * *] local authorities, scheduled banks 42[43[* * *] 44[State] co-operative banks 45[and State Financial Corporations 46[* * *]] of loans and advances, repayable on demand or on the expiry of fixed periods not exceeding ninety days, against the security of –

(a) stocks, funds and securities (other than immovable property) in which a trustee is authorized to invest trust money by any Act of Parliament 47[of the United Kingdom] or by any law for the time being in force in 48[India]49[* * *];

(b) gold or silver or documents of title to the same;

(c) such bills of exchange and promissory notes as are eligible for purchase or rediscount by the Bank 50[or as are fully guaranteed as to the repayment of the principal and payment of interest by a State Government];

(d) promissory notes of any scheduled bank 51[ 52[or 53[State]] Co-operative bank], supported by documents of title to goods 54[such documents having been transferred], assigned, or pledged to any such bank as security for 55[a loan or advance made] for bona fide commercial or trade transactions, or for the purpose of 56[financing agricultural operations] or the marketing of crops:

57[Provided that loans and advances made against the security of bills of exchange and promissory notes arising out of any transaction relating to the export of goods from India shall be repayable on demand or on the expiry of fixed periods not exceeding one hundred and eighty days];

58[(4A) the making to any State Financial Corporation 59[* * *], of loans and advances repayable on the expiry of fixed periods not exceeding eighteen months from the date of such loan or advance, against securities of the Central Government or of any State Government, of any maturity, or against bonds and debentures issued by that Corporation and guaranteed by the State Government concerned and maturing within a period not exceeding eighteen months from the date of such loan or advance:

60[Provided that the previous approval of the State Government shall be obtained for the borrowing by the State Financial Corporation and the amount of loans and advances granted to that Corporation under this clause shall not, at any time, exceed in the aggregate 61[twice the paid up share capital] thereof];

62[(4AA) the making of annual contributions to the National Rural Credit (Long Term Operations) Fund and the National Rural Credit] (Stabilisation) Fund established under sections 42 and 43, respectively, of the National Bank for Agriculture and Rural Development Act, 1981;]

63[(4B) the making to the Industrial Finance Corporation of India 64[* * *] of loans and advances, –

(a) repayable on demand or on the expiry of fixed periods not exceeding ninety days from the date of such loan or advance, against securities of the Central Government or of any State Government; or

(b) repayable on the expiry of fixed periods not exceeding eighteen months from the date of such loan or advance, against securities of the Central

Government of any maturity or against bonds and debentures issued by the said Corporation and guaranteed by the Central Government and maturing within a period not exceeding eighteen months from the date of such loan or advance:

65[* * * * *]

66[(4BB) the making to any financial institution notified by the Central Government in this behalf, of loans and advances, –

(a) repayable on demand or on the expiry of fixed periods not exceeding ninety days from the date of such loan or advance, against the securities of the Central Government or of any State Government, or

(b) repayable on the expiry of fixed periods not exceeding eighteen months from the date of such loan or advance, against securities of the Central Government or of any State Government, of any maturity, or against bonds and debentures issued by that financial institution and guaranteed by the Central Government or any State Government, and maturing within a period not exceeding eighteen months from the date of such loan or advance:

Provided that the amount of loans and advances granted to a financial institution under sub-clause (b) shall not, at any time, exceed in the aggregate sixty per cent, of the paid-up share capital thereof];

67[(4BBB) the making to the Unit Trust of loans and advances -

(i) repayable on demand or on the expiry of a fixed period not exceeding ninety days from the date of such loan or advance against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law for the time being in force in India; 68[* * *]

(ii) repayable on demand or within a period of eighteen months from the date of such loan or advance against the security of the bonds of the Unit Trust issued with the approval of and guaranteed by the Central Government];

69[(iii) for the purpose of any scheme other than the first unit scheme under the Unit Trust of India Act, 1963 on such terms and conditions and against the security of such other property of the Unit Trust as may be specified in this behalf by the Bank]];

70[(4C) the making to a Warehousing Corporation established under the Agricultural Produce (Development and Warehousing) Corporations Act, 1956, of loans and advances, –

(a) repayable on demand or on the expiry of fixed periods not exceeding ninety days, from the date of such loan or advance, against securities of the Central Government or of any State Government, or

(b) repayable on the expiry of fixed periods not exceeding eighteen months from the date of such loan or advance, against securities of the Central Government or of any State Government, of any maturity, or against bonds and debentures issued by the Corporation to which the loan or advance is made, and guaranteed by the Central or a State Government, and maturing within a period not exceeding eighteen months from the date of such loan or advance:

Provided that the amount of loans and advances granted under clause (b) shall not at any time exceed, in the aggregate, three crores of rupees in the case of the Central Warehousing Corporation and fifty lakhs of rupees in the case of a State Warehousing Corporation];

71[(4D) the making to the Deposit Insurance Corporation of loans and advances; and generally assisting the Corporation in such manner and on such terms as may be determined by the Central Board];

72[(4DD) the making to the National Housing Bank of loans and advances and generally assisting the National Housing Bank in such manner and on such terms as may be determined by the Central Board];

73[(4E) the making to the National Bank of loans and advances repayable on demand or on the expiry of fixed period not exceeding eighteen months from the date of making of the loan or advance, either-

(i) against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law for the time being in force in India; or

(ii) on such other terms and conditions as the Bank may specify];

74[(4F) contributing to the initial capital of the Unit Trust];

75[(4G) the making of loans and advances to, and the purchasing of bonds and debentures of, 76[****] 77[the Exim Bank] 78[or the Reconstruction Bank] 79[or the Small Industries Bank] out of the National Industrial Credit (Long Term Operations) Fund established under section 46C;

80[(4GG) the making of loans and advances to, and the purchasing of bonds and debentures of, the National Housing Bank out of the National Housing Credit (Long Term Operations) Fund established under section 46D];

(4H) the making to 81[*****] 82[the Small Industries Bank] of loans and advances -

(a) repayable on demand or on the expiry of fixed periods not exceeding ninety days, from the date of such loan or advance against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law for the time being in force in India; or

(b) against the security of bills of exchange or promissory notes, arising out of bona fide commercial or trade transactions bearing two or more good signatures and maturing within five years from the date of such loan or advance];

83[(4-I) the making to scheduled banks, 84[****] 85[the Exim Bank] 86[or the Reconstruction Bank or the Small Industries Bank], the Industrial Finance Corporation and any other financial institution as may, on the recommendation of the Bank, be approved in this behalf by the Central Government of loans and advances repayable on demand or otherwise and against such security and on such other terms and conditions as may be approved in this behalf by the Central Board for the purpose of enabling such banks, or financial institution, as the case may be, to purchase foreign exchange from the Bank for the purpose of financing the import of capital goods or for such other purposes as may be approved by the Central Government];

87[(4J) the making to the Exim Bank of loans and advances –

(a) repayable on demand or on the expiry of a fixed period not exceeding ninety days, from the date of such loan or advance against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law for the time being in force in India; or

(b) against the security of bills of exchange or promissory notes, arising out of bona fide commercial or trade transactions bearing two or more good signatures and maturing within five years from the date of such loan or advance;]

88[(4K) the making to the Reconstruction Bank of loans and advances –

(a) repayable on demand or on the expiry of a fixed period not exceeding ninety days, from the date of such loan or advance against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law for the time being in force in India; or

(b) against the security of bills of exchange or promissory notes, arising out of bona fide commercial or trade transactions bearing two or more good signatures and maturing within five years from the date of such loan or advance];

(5) the making to the 89[Central Government] 90[91[* * *] 92[and 93[State Governments]] of advances repayable in each case not later than three months from the date of the making of the advance;

94[(6) the issue of demand drafts, telegraphic transfers and other kinds of remittances made payable at its own offices or agencies, the purchase of telegraphic transfers, and the making, issue and circulation of bank post bills];

95[(6A) dealing in derivatives, and, with the approval of the Central Board, in any other financial instrument.

Explanation. -- For the purposes of this clause, "derivative" means an instrument, to be settled at a future date, whose value is derived from change in one or a combination of more than one of the following underlyings, namely:--

(a) interest rate,

(b) price of securities of the Central Government or a State Government or of such securities of a local authority as may be specified in this behalf by the Central Government,

(c) price of foreign securities,

(d) foreign exchange rate,

(e) index of rates or prices,

(f) credit rating or credit index,

(g) price of gold or silver coins, or gold or silver bullion, or

(h) any other variable of similar nature];

96[* * * * * * *]

(8) the Purchase and sale of securities 97[of the Central 98[Government or a 99[State] Government]] of any maturity or of such securities of a local authority 100[* * *] as may be specified in this behalf by the 101[Central Government] on the recommendation of the Central Board:

Provided that securities fully guaranteed as to principal and interest by 102[any such Government 103[or authority]] shall be deemed for the purposes of this clause to be securities of such government 104[or authority];

105[* * * * * * *]

106[(8A) the purchase and sale of shares in, or the capital of 107[the 108[National Bank] 109[the Deposit Insurance Corporation], 110[*****], the State Bank 111[or any other bank 112[or financial institution] notified by the Central Government in this behalf]];

113[(8AA) the promoting, establishing, supporting or aiding in the promotion, establishment and support of any financial institution, whether as its subsidiary or otherwise;]

114[(8B) the keeping of deposits with the State Bank for such specific purposes as may be approved by the Central Government in this behalf];

(9) the custody of monies, securities and other articles of value, and the collection of the proceeds, whether principal, interest or dividends, of any such securities;

(10) the sale and realisation of all property, whether movable or immovable, which may in any way come into the possession of the Bank in satisfaction, or part satisfaction, of any of its claims;

(11) the acting as agent for 115[* * *] the 116[Central Government] 117[or any 118[State] Government 119[* * *] or any local authority 120[* * *] 121[or the Industrial Finance Corporation of India 122[* * *] 123[or any other body corporate which is established or constituted by or under any other law] 124[or the Government of any

such country outside India or

125[any such person or authority] as may be approved in this behalf by the Central Government] in the transaction of any of the following kinds of business, namely; –

(a) the purchase and sale of gold or silver 126[or foreign exchange];

(b) the purchase, sale, transfer and custody of bills of exchange, securities or shares in any company;

(c) the collection of the proceeds, whether principal, interest or dividends, of any securities or shares:

(d) the remittance of such proceeds, at the risk of the principal, by bills of exchange payable either in India or elsewhere;

(e) the management of public debt;

127[(f)128[* * *] the issue and management of 129[* * *] bonds and debentures];

130[(11A) the acting as agent for the Central Government, –

131[(a) in guaranteeing the due performance by any small scale industrial concern, approved by the Central Government, of its obligations to any bank or other financial institution in respect of loans and advances made, or other credit facilities provided, to it by such bank or other financial institution and the making as such agent of payments in connection with such guarantee, and

(b) in administering any scheme for subsidising the rate of interest or other charges in relation to any loans or advances made, or other credit facilities provided, by banks or other financial institutions for the purpose of financing or facilitating any export from India and the making as such agent of payments on behalf of the Central Government;]

132[(12) the purchase and sale of gold or silver coins and gold and silver bullion and foreign exchange and the opening of a gold account with the principal currency authority of any foreign country or the Bank for International Settlements or any international or regional bank or financial institution formed by such principal currency authority or authorities or by the Government of any foreign country;]

133[(12A) the purchase and sale of securities issued by the Government of any country outside India or by any institution or body corporate established outside India and expressed to be payable in a foreign currency or any international or composite currency unit, being in the case of purchase by the Bank securities maturing within a period of ten years from the date of purchase:

Provided that in the case of securities of an institution or body corporate, the repayment of principal and payment of interest in respect of such securities shall be guaranteed by the Government of the country concerned];

134[(12AA) lending or borrowing of securities of the Central Government or a State Government or of such securities of a local authority as may be specified in this behalf by the Central Government or foreign securities;

(12AB) dealing in repo or reverse repo:

Provided that lending or borrowing of funds by way of repo or reverse repo shall not be subject to any limitation contained in this section.

Explanation. -- For the purposes of this clause,--

(a) "repo" means an instrument for borrowing funds by selling securities of the Central Government or a State Government or of such securities of a local authority as may be specified in this behalf by the Central Government or foreign securities, with an agreement to repurchase the said securities on a mutually agreed future date at an agreed price which includes interest for the funds borrowed;

(b) "reverse repo" means an instrument for lending funds by purchasing securities of the Central Government or a State Government or of such securities of a local authority as may be specified in this behalf by the Central Government or foreign securities, with an agreement to resell the said securities on a mutually agreed future date at an agreed price which includes interest for the funds lent];

135[(12B) the making of loans and advances in foreign currencies to scheduled banks, 136[****] 137[the Exim Bank], 138[the Reconstruction Bank or the Small Industries Bank], the Industrial Finance Corporation, any State Financial Corporation and any other financial institution as may, on the recommendation of the Bank, be approved by the Central Government and on such terms and

conditions as may be specified by the Central Board in this behalf, against promissory notes of such bank or financial institution, as the case may be:

Provided that the borrowing bank or financial institution, as the case may be, furnishes a declaration in writing to the effect that –

(a) it has made loans and advances in foreign currencies for financing international trade or for the import of capital goods or for such other purposes as may be approved by the Central Government; and

(b) that the amount of loans or advances so made and outstanding at any time will not be less than the outstanding amount of the loans or advances obtained by it from the Bank;]

139[(13) the opening of an account with an office outside India of any bank, including a bank incorporated in India or the making of an agency agreement with, and the acting as an agent or correspondent of, any bank incorporated outside India, or the principal currency authority of any country under the law for the time being in force in that country or any international or regional bank or financial institution formed by such principal currency authorities or foreign governments, and the investing of the funds of the Bank in the shares and securities of any such international or regional bank or financial institution or of any other foreign institution as may be approved by the Central Board in this behalf];

140[(13A) participation in any arrangement for the clearing and settlement of any amounts due from, or to, any person or authority on account of the external trade of India with any other country or group of countries or of any remittances to, or from, that country or group of countries, including the advancing, or receiving, of any amount in any currency in connection therewith, and, for that purpose, becoming, with the approval of the Central Government, a member of any international or regional clearing union of central banks, monetary or other authorities, or being associated with any such clearing arrangements, or becoming a member of any body or association formed by central banks, monetary or other similar authorities, or being associated with the same in any manner];

(14) the borrowing of money for a period not exceeding one month for the purposes of the business of the Bank, and the giving of security for money so borrowed:

Provided that no money shall be borrowed under this clause from any person in India 141[* * *] other than a scheduled bank 142[* * *] or from any person

outside India

143[* * *] other than a bank which is the principal currency authority of any country under the law for the time being in force in that country:

Provided further that the total amount of such borrowing from persons in India 144[* * *] shall not at any time exceed the amount of the 145[capital] of the Bank:

146[* * * * *]

(15) the making and issue of bank notes subject to the provisions of this Act 147[* * *]; 148[* * *]

149[(15A) the exercise of powers and functions and the performance of duties entrusted to the Bank under this act or under any other law for the time being in force;]

150[(15B) the providing of facilities for training in banking and for the promotion of research, where, in the opinion of the Bank, such provision may facilitate the exercise by the Bank of its powers and functions, or the discharge of its duties;]

(16) generally, the doing of all such matters and things as may be incidental to or consequential upon the exercise of its powers or the discharge of its duties under this Act 151[* * *].

 

Note:

1 The words "the Secretary of State" omitted by the A. O. 1948.

2 Subs. by the M. O. 1937, for "G. G. in C".

3 Subs. by the M. O. 1937, for "L. G.’s".

4 The words "the Federal Railway Authority" omitted by the A. O. 1948.

5 Subs. by the A. O. 1950, for "provincial".

6 The words "the Government of Burma, the Burma Railway Board" omitted by Act 11 of 1947, s.11 (w.e.f. 1-4-1947).

7 The words and letter "Part B States" omitted by Act 32 of 1951, s.7 (w.e.f. 1-11-1951).

8 Inserted by Act 13 of 2018, S.135.

9 Subs. by the M. O. 1937, for "drawn on and payable in India".

10 Subs. by Act 11 of 1947, s.11, for "India or Burma and payable in India or Burma" (w.e.f. 1-4-1947).

11 Ins. by Act 32 of 1951, s.7 (w.e.f. 1-11-1951).

12 Ins. by Act 51 of 1974. s.6.

13 The words "or a Burma scheduled bank" ins. by the M. O. 1937, omitted by Act 11 of 1947, s.11 (w.e.f. 1-4-1947).

14 Subs. by Act 35 of 1962, s.3, for certain words.

15 Subs. by the M. O. 1937, for "drawn on and payable in India".

16 Subs. by Act 11 of 1947, s.11, for "India or Burma and payable in India or Burma" (w.e.f. 1-4-1947).

17 Subs. by Act 11 of 1947, S.11 for certain words (w.e.f. 1.4.1947).

18 Subs. by the A. O. 1950, for "Provincial".

19 Ins. by Act 51 of 1974, s.6.

20 Subs. by Act 51 of 1974, s.6 for "financing seasonal agricultural operations".

21 Subs. by the Act 32 of 1951, s.7, for "nine months" (w.e.f. 1-11-1951).

22 Explanation added by Act 54 of 1953, s.3 omitted by Act 23 of 1965, s.4 (w.e.f. 1-3-1966).

23 Ins. by Act 54 of 1953, s.3.

24 Ins. by Act 51 of 1974, s.6.

25 Subs. by the M. O. 1937, for "drawn and payable in India".

26 Subs. by the Act 11 of 1947, s.11, for certain words (w.e.f. 1-4-1947).

27 The words "or a Burma scheduled bank" omitted by s.11 Act 11 of 1947. (w.e.f. 1-4-1947).

28 Subs. by the M. O. 1937, for "the Government of India or a L. G."

29 Subs. by the Act 11 of 1947, s.11, for certain words (w.e.f. 1-4-1947).

30 Subs. by the A. O. 1950, for "Provinicial".

31 The words "or such securities of Part B States as may be specified in this behalf by the Central Government on the recommendation of Central Board" omitted by Act 32 of 1951, s.7 (w.e.f. 1-11-1951).

32 The words "and Burma scheduled banks", ins. by the M. O. 1937, omitted by Act 11 of 1947, s.11 (w.e.f. 1-4-1947).

33 Subs. by Act 62 of 1948, s.7 and Sch., for "sterling" (w.e.f. 1-1-1949).

34 Certain words omitted by Act 24 of 1978, s.4 (w.e.f. 21-7-1978).

35 Subs. by Act 35 of 1962 s.3 for Sub-clause (b).

36 Sub-clause (c) omitted by Act 62 of 1948 s.7 and Sch. (w.e.f. 1-1-1949).

37 Ins. by Act 35 of 1962 s.3.

38 Subs. by Act 58 of 1968, s.24, for sub-clause (b) (w.e.f. 1-2-1969).

39 Subs. by s.24, of Act 58 of 1968 for cl. (ii) (w.e.f. 1-2-1969).

40 Ins. by Act 51 of 1974, s.6.

41 The words and letter "Part B States" omitted by Act 32 of 1951, s.7 (w.e.f. 1-11-1951).

42 Subs. by the M. O. 1937, for "and Provincial co-operative banks".

43 The words "Burma scheduled banks" omitted by Act 11 of 1947, s.11 (w.e.f. 1-4-1947).

44 Subs. by the A. O. 1950, for "Provincial".

45 Subs. by Act 19 of 1957, s.2, for "State Financial Corporations established under the State Financial Corporations Act, 1951), (63 of 1951), and the principal currency authority of Ceylon".

46 Certain words omitted by Act 24 of 1978, s.4 (w.e.f. 21-7-1978).

47 Ins. by the A. O. 1950.

48 Subs. by Act 32 of 1951, s.2, for "the States" (w.e.f. 1-11-1951).

49 The words "or Burma" ins. by the M. O. 1937, omitted by Act 11 of 1947, s.11 (w.e.f. 1-4-1947).

50 Ins. by Act 24 of 1955, s.6.

51 Subs. by the M. O. 1937, for "or a Provincial co-operative bank".

52 Subs. by Act 11 of 1947, s.11, for certain words (w.e.f. 1-4-1947).

53 Subs. by A. O. 1950, for "Provisional".

54 Subs. by Act 32 of 1951, s.7 for "which have been transferred" (w.e.f. 1-11-1951).

55 Subs. by Act 24 of 1955, s.6, for "a cash credit or overdraft granted".

56 Subs. by Act 51 of 1974, s.6, for "financing seasonal agricultural operations".

57 Ins. by Act 35 of 1962, s.3.

58 Ins. by Act 14 of 1960. s.2.

59 Certain words omitted by Act 24 of 1978, s.4 (w.e.f. 21-7-1978).

60 Subs. by Act 51 of 1974, s.6, for the former proviso.

61 Subs. by Act No.81 of 1985, s.2 for certain words (w.e.f. 1-5-1986).

62 Subs. by Act 61 of 1981, s.61 and Sch.II, for cl. (4AA) (w.e.f. 12-7-1982).

63 Ins. by Act 54 of 1953, s.3.

64 Certain words omitted by Act 24 of 1978, s.4 (w.e.f. 21-7-1978).

65 Proviso omitted by Act No.66 of 1988, s.5 (w.e.f. 30-12-88).

66 Subs. by Act 14 of 1960, s.2 for cl.(4BB) which was ins. by Act 19 of 1957, S.2.

67 Ins. by Act 52 of 1963, s.44 and Sch.II (w.e.f. 1-2-1964).

68 The word "or" omitted by Act 17 of 1966, s.11 (w.e.f. 10-6-1966).

69 Ins. by s.11, Act 17 of 1966. (w.e.f. 10-6-1966).

70 Ins. by Act 28 of 1956, s.55 (w.e.f. 1-8-1956).

71 Ins. by Act 47 of 1961, s.51 and Sch.II (w.e.f. 1-1-1962).

72 Ins. by Act 53 of 1987, s.56 and Second Schedule (w.e.f. 9-7-1988).

73 Subs. by Act 61 of 1981, s.61 and Sch.II, for cl. (4E) (w.e.f. 12-7-1982).

74 Ins. by Act 52 of 1963. s.44 and Sch.II (w.e.f. 1-2-1664).

75 Ins. by Act 18 of 1964, s.38 and Sch.II (w.e.f. 1-7-1964).

76 The words "the Development Bank or" omitted by the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 (Act No.53 of 2003), Sec. 2(a).

77 Ins. by Act 28 of 1981, s.40 and Sch.II (w.e.f. 1-1-1982).

78 Ins. by Act 62 of 1984, s.71 and Sch.III (w.e.f. 20-3-1985).

79 Ins. by Act 39 of 1989.

80 Ins. by Act 53 of 1987, s.56 and the Second Schedule (w.e.f. 9-7-1988).

81 The words "the Development Bank or" omitted by the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 (Act No.53 of 2003), Sec. 2(a).

82 Ins. by Act 39 of 1989.

83 Ins. by Act 24 of 1978, s.4 (w.e.f. 21-7-1978).

84 The words "the Development Bank" omitted by the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 (Act No.53 of 2003), Sec. 2(b).

85 Ins. by Act 28 of 1981, s.40 and Sch.II (w.e.f. 1-1-1982).

86 Ins. by Act 39 of 1989.

87 Ins. by Act. 28 of 1981, s.40 and Sch.II (w.e.f. 1-1-1982).

88 Ins. by Act. 62 of 1984, s.71 and Sch.III (w.e.f. 20-3-1985).

89 Subs. by the M.O. 1937, for "G. G. in C".

90 Subs., M.O. 1937, for certain words.

91 The words "the Federal Railway Authority" omitted by the A. O. 1948.

92 Subs. by Act 11 of 1947, s.11, for certain words (w.e.f. 1-4-1947).

93 Subs. by the A. O. 1950, for "Provincial".

94 Subs. by Act 32 of 1951, s.7, for cl. (6) (w.e.f. 1-11-1951).

95 Ins. by sec. 2 of the RBI (Amendment) Act, 2006 (Act No. 26 of 2006) (w.e.f. 9.1.2007).

96 Cl. (7) rep. by Act 2 of 1948, s.2 and Sch.

97 Subs. by the M. O. 1937, for "of the G. of I or of a L. G.".

98 Subs. by Act, 11 of 1947 s.11 for certain words (w.e.f. 1-4-1947).

99 Subs. by the A. O. 1950, for "Provincial".

100 The words and letter "or such Part B States" omitted by Act 32 of 1951, s.7 (w.e.f. 1-11-1951).

101 Subs. by the M. O. 1937 for "G. G. in C.".

102 Subs. by the M. O. 1937 for certain words.

103 Subs. by s.7, M. O. 1937, for "authority or State" (w.e.f. 1-11-1951).

104 Subs. by s.7, M. O. 1937, for "authority or State" (w.e.f. 1-11-1951).

105 Second proviso omitted by Act 32 of 1951, s.7 (w.e.f. 1-11-1951).

106 Ins. by Act 23 of 1955, s.52 and Sch.III (w.e.f. 1-7-1955).

107 Ins. By Act 10 of 1963, s. 47 and Sch. II (w.e.f. 1-5-1963).

108 Sub. By Act 61 of 1981, s. 61 and Sch. II, for "Agricultural Refinance and Development Corporation" (w.e.f. 12-7-1982).

109 Ins. by Act 47 of 1961, s.51 and Sch. II (w.e.f. 1-1-1962).

110 The words "the Development Bank" omitted by the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 (Act No.53 of 2003), Sec. 2(b).

111 Subs. by Act 79 of 1956, s.43 and Sch.II for "or any of its subsidiary banks" (w.e.f. 22-10-1956).

112 Ins. by Act 18 of 1957, s.2.

113 Ins. by Act 53 of 1987 (w.e.f. 9-7-1988).

114 Ins. by Act 38 of 1959, s.64 and Sch. III (w.e.f. 10-9-1959).

115 The words "the Secretary of State" omitted by the A. O. 1948.

116 Subs. by the M. O. 1937, for "G. G. in C".

117 Subs. M. O. 1937, for certain words.

118 Subs. by the A. O. 1950, for "Provincial".

119 The words "or the Government of Burma; omitted by Act 11 of 1947, s.11 (w.e.f. 1-4-1947).

120 The words and letter "or any Part B State" omitted by Act 32 of 1951, s.7 (w.e.f. 1-11-1951).

121 Ins. by Act 44 of 1959, s.2.

122 Certain words omitted by Act 24 of 1978, s.4 (w.e.f. 21-7-1978).

123 Ins. by Act 51 of 1974, s.6.

124 Ins. by Act 32 of 1951, s.7 (w.e.f. 1-11-1951).

125 Subs. by Act 51 of 1974, s.6 for "any such person".

126 Ins. by Act 23 of 1947, s.3.

127 Ins. by Act 44 of 1949, s.2.

128 The words "in respect of the aforesaid Corporation" omitted by Act 51 of 1974, s.6.

129 The word "its" omitted by s.6, Act 51 of 1974.

130 Subs. by Act 58 of 1968, s.24, for cl. (11A) (w.e.f. 1-2-1969). Original cl. (11A) was ins. by Act 14 of 1960, s.2.

131 Sub-clause (a) of clause (11A) shall stand omitted by Act 21 of 1978, s.9.

132 Subs. by Act 24 of 1978, s.4, for cl, (12) (w.e.f. 21-7-1978).

133 Subs. by Act 24 of 1978, s.4, for cl. 12A (w.e.f. 21-7-1978).

134 Ins. by sec. 2 of the RBI (Amendment) Act, 2006 (Act No. 26 of 2006) (w.e.f. 9.1.2007).

135 Ins. by s.4, Act 24 of 1978 (w.e.f. 21-7-1978).

136 The words "the Development Bank" omitted by the Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003 (Act No.53 of 2003), Sec. 2(b).

137 Ins. by Act 28 of 1981, s.40 and Sch.II (w.e.f. 1-1-1982).

138 Ins. by Act 39 of 1989.

139 Subs. by Act 24 of 1978, s.4 for cl. (13) (w.e.f. 21-7-1978).

140 Ins. by Act 44 of 1973, s.2 (retrospectively).

141 The words "or Burma" ins. by the M. O. 1937, omitted by Act 11 of 1947, s.11, (w.e.f. 1-4-1947).

142 The words "or a Burma Scheduled Bank" ins. by the M. O. 1937, omitted by s.11, Act 11 of 1947 (w.e.f. 1-4-1947).

143 The words "and Burma" ins. by the M. O. 1937, omitted by s.11, Act 11 of 1947 (w.e.f. 1-4-1947).

144 Ibid.

145 Subs. by Act 32 of 1951, s.7, for "share capital" (w.e.f. 1-11-1951).

146 Cl. (14A) Ins. by Act 79 of 1956, s.43 and Sch.II (w.e.f. 22-10-1956), omitted by Act 38 of 1959, s.64 and Sch.III (w.e.f. 1-10-1959).

147 The words "and the making and issue of Burma notes in accordance with the law of Burma" ins. by the M. O. 1937, omitted by Act 11 of 1947, s.11 (w.e.f. 1-4-1947).

148 The word "and" omitted by ordinance 47 of 1945, s.6.

149 Subs. by Act 23 of 1955, s.52 and Sch.III for cl. (15A) (w.e.f. 1-7-1955).

150 Ins. by Act 58 of 1968, s.24 (w.e.f. 1-2-1969).

151 The words "and the law of Burma" ins. by the M. O. 1937, omitted by Act 11 of 1947, s.11 (w.e.f. 1-4-1947).