India has an extensive array of legislation regulating the various sectors of the Indian banking system. Private sector banks are governed by the Banking Regulation (BR) Act, 1949, as also the Indian Companies Act, 1956.
Foreign banks that have established their presence in India and been registered under the Companies Act are also included within the ambit of banking companies under the BR Act.
Further, nationalized banks come within the purview and operation of the Banking Companies (Acquisition and Transfer of Undertaking) Acts of 1970 and 1980. The State Bank of India (SBI) and its subsidiaries are governed by the State Bank of India Act, 1955. Certain provisions of the Reserve Bank of India (RBI) Act, 1934, are also applicable to nationalized banks, SBI and its subsidiaries, private and foreign banks.
You must be a
to read this content, please
Shardul Thacker is a partner with Mulla & Mulla & Craigie Blunt & Caroe in Mumbai.
Mulla House, 51 MG Road
Fort, Mumbai 400 001
Tel: +91 22 2204 4960, 2262 3191
Fax: +91 22 2204 0246, 6634 5497