www.Aaptaxlaw.com
 
 
 

Section 3 - Establishment and incorporation of Reserve Bank : RBI Act 1934

 

 

How was the Establishment and incorporation of Reserve Bank? Section 3 of Reserve Bank of India Act 1934

Section 3 of RBI Act 1934 : "Establishment and incorporation of Reserve Bank"

(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.

(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.

 
 

RBI ACT 1934

Section 2 - Definitions

Section 3 - Establishment and incorporation of Reserve Bank

Section 4 - Capital of the Bank

Section 5 - Increase and reduction of Share Capital

Section 6 - Offices, branches and agencies

 

 

Section 7 - Management

Section 8 - Composition of the Central Board and term of office of Directors

Section 9 - Local Boards, their constitution and functions

Section 10 - Disqualifications of Directors and members of Local Boards

 

 

Section 11 - Removal from and vacation of office

Section 12 - Casual vacancies and absences

Section 13 - Meetings of the Central Board

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 19 - Business which the Bank may not transact

CHAPTER III
CENTRAL BANKING FUNCTION

Section 20 - Obligation of the Bank to transact Government business

Home     About Us     Privacy Policy     Disclaimer    Contact Us  Sitemap