What is Section 23 of Banking Regulation Act?
Section 23 of Banking Regulation Act, 1949 – Third party transfer of funds through ATMs. Based on requests received from banks, it has been decided to allow banks to provide the facility of transfer of funds from one customer’s account to another customer’s account of the same bank within the country, through ATMs.
What is the maximum period for which the bank can hold property in order to settle debts?
—Notwithstanding anything contained in section 6, no banking company shall hold any immovable property howsoever acquired, except such as is required for its own use, for any period exceeding seven years from the acquisition thereof or from the commencement of this Act, whichever is later or any extension of such …
What is Section 35 of Banking Regulation Act?
Section 35 in BANKING REGULATION ACT,1949. (b) A copy of the report of the scrutiny shall be furnished to the banking company if the banking company makes a request for the same or if any adverse action is contemplated against the banking company on the basis of the scrutiny.]
What is Section 22 of Banking Regulation Act?
Section 22 in BANKING REGULATION ACT,1949. (1) Save as hereinafter provided, no company shall carry on banking business in India unless it holds a licence issued in that behalf by the Reserve Bank and any such licence may be issued subject to such conditions as the Reserve Bank may think fit to impose.]
What is OBU account?
An offshore banking unit (OBU) is a bank shell branch, located in another international financial center. Offshore banking units make loans in the Eurocurrency market when they accept deposits from foreign banks and other OBUs.
What is Section 45 of Banking Regulation Act?
Section 45. Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation. Power of High Court to decide all claims in respect of banking companies.
What are the benefits of having an offshore bank account?
What are the benefits of offshore banking?
- potentially tax-efficient savings and investments in various currencies, although any tax benefits would depend on your circumstances.
- hold money, make and receive payments in multiple currencies.
- manage foreign exchange.
- access international expertise and investment advice.
What is OBU deposit?
What are the sections of the Banking Regulation Act 1949?
The Banking Regulation Act 1949 has 56 Sections in total. There was initially 55 Sections but in 1965 the Banking Regulation Act 1949 was amended to include Cooperative banks in the 56th section. Section 7. Use of words “bank”, “banker”, “banking” or “banking company”. Section 10BB.
What are the divisions in the Banking Regulation 2016?
Division 1—Specified accounts and conditions 17 Scope of Division 18 Linked accounts 19 Sub accounts 20 Frozen accounts 21 Security, set-off or escrow accounts 22 Controlled accounts Division 2—Unclaimed moneys: other matters 23 Accounts to which subsection 69(1) of the Act does not apply
What was the purpose of the Banking Act?
Banking Act Part VII POWERS OF CONTROL OVER BANKS, ETC. Loading… An Act to provide for the licensing and regulation of the businesses of banks, merchant banks and related institutions, and the credit card and charge card business of banks, merchant banks and other institutions, and matters related thereto.
When is the sunset date for banking regulations?
Regulations as made This regulation remakes the Banking Regulations 1966 before its sunset date. Administered by: Treasury +Sunset Information Sunset Details Sunset Date To sunset on 01-Apr-2027 Registered 12 Dec 2016 Tabling History Date Tabled HR 07-Feb-2017