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Section 53 - Returns, Section 54 - Rural Credit and Development : RBI Act 1934

 

 

What are the Returns? What is Rural Credit and Development? Section 53 and 54 of Reserve Bank of India Act 1934

Section 53 of RBI Act 1934 : "Returns"

(1) The Bank shall prepare and transmit to the Central Government a weekly account of the Issue Department and of the Banking Department in such form as the Central Government may, by notification in the Gazette of India, prescribe. The Central Government shall cause these accounts to be published in the Gazette of India at such intervals and in such modified form as it may deem fit.

(2) The Bank shall also, within two months from the date on which the annual accounts of the Bank are closed, transmit to the Central Government a copy of the annual accounts signed by the Governor, the Deputy Governors and the Chief Accounting Officer of the Bank, and certified by the auditors, together with a report by the Central Board on the working of the Bank throughout the year, and the Central Government shall cause such accounts and report to be published in the Gazette of India.

 

Section 54 of RBI Act 1934: "Rural Credit and Development"

The Bank may maintain expert staff to study various aspects of rural credit and development and in particular it may,-

(a) tender expert guidance and assistance to the National Bank ;

(b) conduct special studies in such areas as it may consider necessary to do so for promoting integrated rural development.

 

RBI ACT 1934

Section 51 - Appointment of special auditors by Government

Section 52 - Powers and duties of auditors

Section 53 - Returns

Section 54 - Rural Credit and Development

 

 

Section 54A - Delegation of powers

Section 54AA - Power of bank to depute its employees to other institutions

Section 57 - Liquidation of the Bank

Section 58 - Power of the Central Board to make regulations

Section 58A - Protection of action taken in good faith

Section 58B - Penalties

 

 

Section Section 58C -Offences by companies

Section 58D - Application of section 58B barred

Section 58E - Cognizance of offences

Section 58F - Application of fine

 

 

Section 58G - Power of Bank to impose fine

First Schedule

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