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Section 58A - Protection of action taken in good faith : RBI Act 1934

 

 

What is the Protection of action taken in good faith? Section 58A of Reserve Bank of India Act 1934

Section 58A of RBI Act 1934 : "Protection of action taken in good faith"

1) No suit, prosecution or other legal proceeding shall lie against the Central Government or the Bank or any other person in respect of anything which is in good faith done or intended to be done under this Act or in pursuance of any order, regulation or direction made or given thereunder.

 

(2) No suit or other legal proceeding shall lie against the Central Government or the Bank for any damage caused or likely to be caused by anything which is in good faith done or intended to be done under this Act or in pursuance of any order, regulation or direction made or given thereunder.

 

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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