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Section 45B - Power of Bank to collect credit information, Section 45C - Power to call for returns containing credit information: RBI Act 1934

 

 

What is the Power of Bank to collect credit information? What is the Power to call for returns containing credit information? Section 45B and 45C of Reserve Bank of India Act 1934

Section 45B of RBI Act 1934 : "Power of Bank to collect credit information"

The Bank may-

(a) collect, in such manner as it may think fit, credit information from banking companies; and

(b) furnish such information to any banking company in accordance with the provisions of section 45D.

 

Section 45C of RBI Act 1934: "Power to call for returns containing credit information"

(1) For the purpose of enabling the Bank to discharge its functions under this Chapter, it may at any time direct any banking company to submit to it such statements relating to such credit information and in such form and within such time as may be specified by the Bank from time to time.

(2) A banking company shall, notwithstanding anything to the contrary contained in any law for the time being in force or in any instrument regulating the constitution thereof or in any agreement executed by it, relating to the secrecy of its dealings with its constituents, be bound to comply with any direction issued under sub-section (1).

 

RBI ACT 1934

Section 42 - Cash reserves of scheduled banks to be kept with the Bank

Section 43 - Publication of consolidated statement by the Bank

Section 43A - Protection of action taken in good faith

Section 45 - Appointment of agents

CHAPTER IIIA
COLLECTION AND FURNISHING OF CREDIT INFORMATION

Section 45A - Definitions

 

 

Section 45B - Power of Bank to collect credit information

Section 45C - Power to call for returns containing credit information

Section 45D - Procedure for furnishing credit information to banking companies

Section 45E - Disclosure of information prohibited

Section 45F - Certain claims for compensation barred

Section 45H Chapter IIIB not to apply in certain cases

 

 

Section 45I - Definitions

Section 45IA - Requirement of registration and net owned fund

Section 45 IB - Maintenance of percentage of assets

Section 45 IC - Reserve fund

Section 45 J - Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money

 

 

Section 45 JA - Power of Bank to determine policy and issue directions

Section 45 K - Power of Bank to collect information from non-banking institutions as to deposits and to give directions

Section 45 L - Power of Bank to call for information from financial institutions and to give directions

Section 45 M - Duty of non-banking institutions to furnish statements, etc., required by Bank

Section 45 MA - Powers and duties of auditors

Section 45 MB - Power of bank to prohibit acceptance of deposit and alienation of assets

Section 45 MC - Power of Bank to file winding up petition

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