Section 20 - Obligation of the Bank to transact Government business : RBI Act 1934
What are the Obligation of the Bank to transact Government business?
Section 20 of
Reserve Bank of India Act 1934
Section 20 of RBI Act 1934 : "Obligation of the Bank to
transact Government business"
The Bank shall undertake to accept monies for
account of the Central Government, and to make
payments up to the amount standing to the credit of
its account, and to carry out its exchange,
remittance and other banking operations, including
the management of the public debt of the Union.
(3) advance money on mortgage of, or otherwise on the
security of, immovable property or documents of title
relating thereto, or become the owner of immovable
property, except so far as is necessary for its own
business premises and residences for its officers and
(4) make loans or advances;
(5) draw or accept bills payable otherwise than on demand;
(6) allow interest on deposits or current accounts.