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Section 20 - Obligation of the Bank to transact Government business : RBI Act 1934

What are the Obligation of the Bank to transact Government business? Section 20 of Reserve Bank of India Act 1934

 

Section 20 of RBI Act 1934 : "Obligation of the Bank to transact Government business"

The Bank shall undertake to accept monies for account of the Central Government, and to make payments up to the amount standing to the credit of its account, and to carry out its exchange, remittance and other banking operations, including the management of the public debt of the Union.

(3) advance money on mortgage of, or otherwise on the security of, immovable property or documents of title relating thereto, or become the owner of immovable property, except so far as is necessary for its own business premises and residences for its officers and servants;

(4) make loans or advances;

(5) draw or accept bills payable otherwise than on demand;

(6) allow interest on deposits or current accounts.

 

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