Banking Related Acts Important for SBI AND IBPS CLERK AND PO

Banking Related Acts

1. Negotiable Instrument Act–1881
2. Bankers’Books Evidence Act–1891
3. ReserveBank of India Act–1934
4. Industrial Finance Corporation of India Act–1948
5. Banking Companies (Legal Practitioner Clients’ Accounts) Act–1949
6. Industrial Disputes (Banking and Insurance Companies) Act–1949
7. Banking Regulation(Companies) Rules–1949
8. Banking Regulation Act–1949
9. State Financial Corporations Act–1951
10. Reserve Bank of India (Amendment and Misc. Provisions) Act–1953
11. Industrial Disputes (Banking Companies) Decision Act–1955
12. State Bank of India Act–1955
13. State Bank of India (Subsidiary Banks) Act-1959
14. Subsidiary Banks General Regulation–1959
15. Deposit Insurance and Credit Guarantee Corporation Act–1961(DICGC)
16. Banking Companies (Acquisition and Transfer of Undertakings) Act–1970
17. Regional Rural Banks Act–1976
18. Banking Companies (Acquisition and Transfer of Undertakings) Act–1980
19. Export-Import Bank of India Act–1981
20. National Bank for Agriculture and Rural Development Act–1981
21. Chit Fund Act–1982
22. Sick Industrial Companies (Special Provisions)Act–1985
23. National Housing Bank Act–1987
24. SIDBI Act–1989
25. Special Court (trial of Offences relating to Transactions in Securities) Act–1992
26. Industrial Finance Corporation (Transfer of Undertakings and Repeal) Act–1993
27. Industrial Reconstruction Bank (Transfer of Undertaking and Appeal) Act–1997
28. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act–(SARFASI-2002)
29. Industrial Development Bank (Transfer of Undertaking and Repeal) Act–2003
30. Credit Information Companies (Rules & Regulation) Act–2005
31. Industrial Finance Corporation of India Act–1948
32. Banking Companies (Legal Practitioner Clients’ Accounts) Act–1949
33. Industrial Disputes (Banking and Insurance Companies) Act–1949
34. State Financial Corporations Act–1951
35. Reserve Bank of India (Amendment and Misc. Provisions) Act–1953
36. Industrial Disputes (Banking Companies) Decision Act–1955
37. State Bank of India Act–1955
38. State Bank of India (Subsidiary Banks) Act-1959
39. Subsidiary Banks General Regulation–1959
40. Deposit Insurance and Credit Guarantee Corporation Act–1961
41. National Bank for Agriculture and Rural Development Act–1981
42. Shipping Development Fund Committee (Abolition)Act–1985
43. Sick Industrial Companies (Special Provisions)Act–1985
44. National Housing Bank Act–1987
45. NABARD General Regulations - 1982
46. Negotiable Instruments Act, 1881

IMPORTANT SECTIONS

1. Section 4 – Promissory note
2. Section 5 – Bill of exchange
3. Section 6 – Cheque
4. Section 13 – Negotiable Instruments
5. Section 123 – Cheque Crossed Generally
6. Section 124, 126 – Cheque crossed specially
7. Section 130 – Cheque bearing Not Negotiable
8. Section 118 – Presumptions as to Negotiable Instruments
9. Reserve Bank of India Act, 1934

1. Section 17 – Defines Business of RBI
2. Section 18 – Deals with Emergency loans to Banks
3. Section 22 – only RBI has the exclusive rights to issue currency notes in India.
4. Section 24 – maximum denomination a note can be Rs. 10,000.
5. section 26 – Describes the legal tender character of Indian bank notes.
6. Section 28 – Allows the RBI to form rules regarding the exchange of damaged and imperfect notes.
7. Section 31 – In India only the RBI or the central government can issue and accept promissory notes that are payable on demand.
8. Section 42(1) – Every scheduled bank must have an average daily balance with the RBI