Law Maker

CHAPTER I PRELIMINARY

Section 2: Definitions

The Reserve Bank of India Act, 1934

In this Act, unless there is anything repugnant in the subject or context,—

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2[(aii)] “the Bank” means the Reserve Bank of India constituted by this Act; 3[(aiii)] “Bank for International Settlements” means by body corporate established with the said name under the law of Switzerland in pursuance of an agreement dated the 20th January, 1930, signed at The Hague;]

4[(aiv) “bank note” means a bank note issued by the Bank, whether in physical or digital form, under section 22;]

(b) “the Central Board” means the Central Board of Directors of the Bank;

Subject to verification and confirmation by the Department.

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6[(bva) “Consumer Price Index” means the Consumer Price Index Combined published by the Government of India from time to time;]

7[8[(bvi)] “Deposit Insurance Corporation” means the Deposit Insurance Corporation established under section 3 of the Deposit Insurance Corporation Act, 1961 (47 of 1961);]

9* * * * * 10* * * * * 11[(bviiia) “Exim Bank” means the Export-Import Bank of India established under the Export-Import Bank of India Act, 1981 (28 of 1981);]

12[(bix) “foreign currency” and “foreign exchange” have the meanings respectively assigned to them in the Foreign Exchange Regulation Act, 1973(46 of 1973);

(c) “Industrial Finance Corporation” means the Industrial Finance Corporation of India established under the Industrial Finance Corporation Act, 1948 (15 of 1948);]

6[(ci) “inflation” means the year wise change in monthly Consumer Price Index expressed in terms of percentage;

(cii) “inflation target” means the inflation target determined in accordance with sub-section (1) of section 45ZA;]

13[(ca) “International Development Association” means the “Association” referred to in the International Development Association (Status, Immunities and Privileges) Act, 1960 (32 of 1960);

(cb) “International Finance Corporation” means the “Corporation” referred to in the International Finance Corporation (Status, Immunities and Privileges) Act, 1958 (42 of 1958);

(cc) “International Monetary Fund” and “International Bank for Reconstruction and Development” means respectively the “International Fund” and the “International Bank”, referred to in the International Monetary Fund and Bank Act, 1945 (47 of 1945);]

6[(cci) “Monetary Policy Committee” means the Committee constituted under sub-section (1) of section 45ZB;]

14[ccc) “National Bank” means the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);]

15[(ccci) “National Bank for Financing Infrastructure and Development” means the Institution established under section 3 of the National Bank for Financing Infrastructure and Development Act, 2021 (17 of 2021);

(cccii) “other development financial institution” means a development financial institution licensed under section 29 of the National Bank for Financing Infrastructure and Development Act, 2021(17 of 2021);]

16 [(cccc) “National Housing Bank” means the National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987);]

6[(cccci) “Policy Rate” means the rate for repo-transactions under sub-section (12AB) of section 17;]

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18[(cv) “Reconstruction Bank” means the Industrial Reconstruction Bank of India established under section 3 of the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984);]

(d) “rupee coin” means 19*** rupees which are legal tender 20[in 21[India]] under the provisions of 22[the Indian Coinage Act, 2011]; 23***

(e) “scheduled bank” means a bank included in the Second Schedule;

24[(el) “Small Industries Bank” means the Small Industries Development Bank of India established under section 3 of the Small Industries Development Bank of India Act, 1989 (39 of 1989);]

25[(ea) “Sponsor Bank” means a Sponsor Bank as defined in the Regional Rural Banks Act, 1976 (21 of 1976);]

26[27[(eb)] “State Bank” means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955);]

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29[(fi) “State Financial Corporation” means any State Financial Corporation established under the State Financial Corporations Act, 1951 (63 of 1951);]

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31[(g) “Unit Trust” means the Unit Trust of India established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963);]

32[(h) “agricultural operations”, “central co-operative bank”, “co-operative society”, “crops”, “marketing of corps”, “pisciculture”, “regional rural bank” and “State co-operative bank” shall have the meanings respectively assigned to them in the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);

(i) “co-operative bank”, “co-operative credit society”, “director”, “primary agricultural credit society”, “primary co-operative bank” and “primary credit society” shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949 (10 of 1949).]

Footnotes in the official text

  1. 1.Clauses (a) and (ai) omitted by Act 61 of 1981, s. 61 and Sch. II (w.e.f. 12-7-1982).
  2. 2.Clause (aa) re-lettered as clause (aii) by Act 23 of 1965, s. 2 (w.e.f. 1-3-1966).
  3. 3.Ins. by Act 51 of 1974, s. 2 (w.e.f. 13-12-1974).
  4. 4.Ins. by Act 6 of 2022, s. 125 (w.e.f. 30-3-2022).
  5. 5.Clauses (bi), (bii), (biii), (biv) and (bv) omitted by Act 61 of 1981, s. 61 and Sch. II (w.e.f. 12-7-1982). Earlier these clauses were substituted by Act 23 of 1965, s. 2, for clause (bb) (w.e.f. 1-3-1966).
  6. 6.Ins. by Act 28 of 2016, s. 221 (w.e.f. 27-6-2016).
  7. 7.Ins. by Act 47 of 1961, s. 2 and Sch. II (w.e.f. 1-1-1962).
  8. 8.Clause (bbb) re-lettered as clause (bvi) thereof by Act 23 of 1965, s. 2 (w.e.f. 1-3-1966).
  9. 9.Clause (bvii) omitted by Act 53 of 2003, s. 12 and Sch. (w.e.f. 2-7-2004).
  10. 10.Clause (bviii) omitted by Act 61 of 1981, s. 61 and Sch. II (w.e.f. 12-7-1982).
  11. 11.Ins. by Act 28 of 1981, s. 40 and Sch. II (w.e.f. 1-1-1982).
  12. 12.Subs. by Act 24 of 1978, s. 3, for clause (c) (w.e.f. 21-7-1978).
  13. 13.Ins. by Act 51 of 1974, s. 2 (w.e.f. 13-12-1974).
  14. 14.Ins. by Act 61 of 1981, s. 61 and Sch. II (w.e.f. 12-7-1982).
  15. 15.Ins. by Act 17 of 2021, s. 47 and Sch. II (w.e.f. 19-4-2021).
  16. 16.Ins. by Act 53 of 1987, s. 56 and Sch. II (w.e.f. 9-7-1988).
  17. 17.Clauses (ci), (cia), (cii), (ciii), (civ), (cv) omitted by Act 61 of 1981, s. 61 and Sch. II (w.e.f. 12-7-1982).
  18. 18.Ins. by Act 62 of 1984, s. 71 and Sch. III (w.e.f. 20-3-1985).
  19. 19.The word “silver” omitted by Act 62 of 1948, s. 7 and Sch. (w.e.f. 1-1-1949).
  20. 20.Ins. by the M.O. 1937.
  21. 21.Subs. by Act 32 of 1951, s. 2, for “the States” (w.e.f. 1-11-1951).
  22. 22.Subs. by Act 11 of 2011, s. 20, for “the Indian Coinage Act, 1906 (3 of 1906)” (w.e.f. 28-3-2012). 5. The word “and” omitted by the M.O. 1937.
  23. 23.Ins. by Act 39 of 1989, s. 53 and Sch. II (w.e.f. 7-3-1990).
  24. 24.Ins. by Act 21 of 1976, s. 33 (w.e.f. 26-9-1975).
  25. 25.Ins. by Act 23 of 1955, s. 52 and Sch. III (w.e.f. 1-7-1955). Earlier clause (ee) inserted by the A.O. 1950 which was later omitted by Act 32 of 1951, s. 4 (w.e.f. 1-11-1951).
  26. 26.Clause (ee) re-lettered as clause (eb) thereof by Act 21 of 1976, s. 33 (w.e.f. 26-9-1975).
  27. 27.Clause (f) omitted by Act 61 of 1981, s. 61 and Sch. II (w.e.f. 12-7-1982).
  28. 28.Ins. by Act 24 of 1978, s. 3 (w.e.f. 21-7-1978).
  29. 29.Clauses (f) to (k) omitted by Act 11 of 1947, s. 2 (w.e.f. 1-4-1947) which was earlier inserted by the M.O. 1937.
  30. 30.Ins. by Act 52 of 1963, s. 44 and Sch. II (w.e.f. 1-2-1964). Earlier clause (g) was inserted by Act 32 of 1951, s. 4 (w.e.f. 1-11-1951) which was later omitted by Act 62 of 1956, s. 2 and the Schedule (w.e.f. 1-11-1956).
  31. 31.Ins. by Act 61 of 1981, s. 61 and Sch. II (w.e.f. 12-7-1982).
  32. 32.Subs. by Act 62 of 1948, s. 7 and Sch., for “SHARE CAPITAL” (w.e.f. 1-1-1949).

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