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Section 9 - Local Boards, their constitution and functions : RBI Act 1934

 

 

What is Local Boards, their constitution and functions? Section 9 of Reserve Bank of India Act 1934

Section 9 of RBI Act 1934 : "Local Boards, their constitution and functions"

(1) A Local Board shall be constituted for each of the four areas specified in the First Schedule and shall consist of five members to be appointed by the Central Government to represent, as far as possible, territorial and economic interests and the interest of co-operative and indigenous banks.

(2) The members of the Local Board shall elect from amongst themselves one person to be the Chairman of the Board.

 

(3) Every member of a Local Board shall hold office for a term of four years and shall be eligible for reappointment :

Provided that any such member shall not be appointed for more than two terms, that is, for a maximum period of eight years either continuously or intermittently.

(4) A Local Board shall advise the Central Board on such matters as may be generally or specifically referred to it and shall perform such duties as the Central Board may delegate to it.

 

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

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