In this Act, unless the context otherwise requires,--
(a) "banking company" does not include a foreign company within the meaning of section 591 of the Companies Act, 1956 (1 of 1956);
(b) "corresponding new bank", in relation to an existing bank, means the body corporate specified against such bank in column 2 of the First Schedule;
(c) "Custodian" means the person who becomes, or is appointed, a Custodian under section 7;
(d) "existing bank" means a banking company specified in column 1 of the First Schedule, being a company the total of the demand and time liabilities in India of which, as shown in the return as on the 14th day of March, 1980, furnished to the Reserve Bank under section 42 of the Reserve Bank of India Act, 1934 (2 of 1934), amounts to not less than rupees two hundred crores;
1[(da) "prescribed" means prescribed by regulations made under this Act;
(e) words and expressions used herein and not defined but defined in the Banking Regulation Act, 1949 (10 of 1949) have the meanings respectively assigned to them in that Act;]
1[(f) words and expressions used herein and not defined either in this Act or in the Banking Regulation Act, 1949 (10 of 1949), but defined in the Companies Act, 1956 (1 of 1956) shall have the meanings respectively assigned to them in the Companies Act, 1956.]
(a) "banking company" does not include a foreign company within the meaning of section 591 of the Companies Act, 1956 (1 of 1956);
(b) "corresponding new bank", in relation to an existing bank, means the body corporate specified against such bank in column 2 of the First Schedule;
(c) "Custodian" means the person who becomes, or is appointed, a Custodian under section 7;
(d) "existing bank" means a banking company specified in column 1 of the First Schedule, being a company the total of the demand and time liabilities in India of which, as shown in the return as on the 14th day of March, 1980, furnished to the Reserve Bank under section 42 of the Reserve Bank of India Act, 1934 (2 of 1934), amounts to not less than rupees two hundred crores;
1[(da) "prescribed" means prescribed by regulations made under this Act;
(e) words and expressions used herein and not defined but defined in the Banking Regulation Act, 1949 (10 of 1949) have the meanings respectively assigned to them in that Act;]
1[(f) words and expressions used herein and not defined either in this Act or in the Banking Regulation Act, 1949 (10 of 1949), but defined in the Companies Act, 1956 (1 of 1956) shall have the meanings respectively assigned to them in the Companies Act, 1956.]
Source footnotes
1. Ins. by Act 37 of 1994, s. 10 (w.e.f. 15-7-1994).आगे पढ़ें / Continue reading
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More sections of this act
Section 1 · Short title and commence.Section 3 · Establishment of corresponding new banks and business thereof.Section 3A · Trust not to be entered on the register.Section 3B · Register of beneficial owners.Section 4 · Undertakings of existing banks to vest in corresponding new banks.Section 5 · General effect of vesting.Section 6 · Payment of amount.Section 7 · Head office and management.India Code, Government of India. Text fetched 15 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.