What is Section 7 of the RBI Act 1934?

Section 7 of the RBI Act 1934, provides authority to the government to give directions to the central bank in public interest from time-to-time with the consultation of the RBI governor.

What is the section 7?

Section 7 in The Reserve Bank of India Act, 1934. (1) The Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest.

How many sections are there in RBI Act 1934?

The act provides for the Constitution management and functions of the RBI. It also empowers it to exercise control and regulations, over the Commercial Banks, the non-banking finance companies and the financial institutions. The Act is divided into 61 Sections and four schedules.

What is RBI Act Section 4?

Section 4 in The Reserve Bank of India Act, 1934. 1[4. Capital of the Bank. —The capital of the Bank shall be five crores of rupees.]

What does section 45i of RBI Act 1934 mean?

Section 45I of Reserve Bank of India Act 1934 (a) “business of a non-banking financial institution” means carrying on of the business of a financial institution referred to in clause (c) and includes business of a non-banking financial company referred to in clause (f);

What is Section 45 of Reserve Bank of India Act?

Section 45-I in The Reserve Bank of India Act, 1934. (vi) any amount received from an individual or a firm or an association of individuals not being a body corporate, registered under any enactment relating to money lending which is for the time being in force in any State; and.

What was the Reserve Bank of India Act of 1934?

RESERVE BANK OF INDIA ACT, 1934 RESERVE BANK OF INDIA ACT, 1934 (As modified up to February 28, 2009) Disclaimer: Though the Reserve Bank of India has taken efforts to ensure the accuracy of the text as well as the footnotes of the Act, it will not be responsible in any way if any inadvertent mistake has crept in into the document.

Is the Reserve Bank of India a corporate body?

The Reserve Bank of India, being a body corporate constituted under the Reserve Bank of India Act, 1934, can only transact those businesses which it is authorised by that Act to transact.