1[49A. Restriction on acceptance of deposits withdrawable by cheque.--No person other than a banking company, the Reserve Bank, the State Bank of India or any other 2[banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank] shall accept from the public deposits of money withdrawable by cheque:
Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.]
Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.]
Source footnotes
1. Ins. by Act 33 of 1959, s. 35 (w.e.f. 1-10-1959).2. Subs. by Act 55 of 1963, s. 28, for certain words (w.e.f. 1-2-1964).
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Application of other laws not barred.Section 3 · Act not to apply to certain co-operative societies.Section 4 · Power to suspend operation of Act.Section 5 · Interpretation.Section 5A · Act to override memorandum, articles, etc.Section 6 · Form of business in which banking companies may engage.Section 7 · Use of words "bank", "banker", "banking" or "banking company".India Code, Government of India. Text fetched 15 Oct 2026. Source metadata reports last modification: 2026-01-06. Check the linked official text and subsequent notifications when applying a provision.