What is Power of Bank to collect information from non-banking institutions as to deposits and to give directions? Section 45 K of Reserve Bank of India Act 1934
(1) The Bank may at any time direct that every non-banking institution shall furnish to the Bank, in such form, at such intervals and within such time, such statements, information or particulars relating to or connected with deposits received by the non-banking institution, as may be specified by the Bank by general or special order.
(2) Without prejudice to the generality of the power vested in the Bank under sub-section (1), the statements, information or particulars to be furnished under sub-section (1) may relate to all or any of the following matters, namely, the amount of the deposits, the purposes and periods for which, and the rates of interest and other terms and conditions on which, they are received.
(3) The Bank may, if it considers necessary in the public interest so to do, give directions to non-banking institutions either generally or to any non-banking institution or group of non-banking institutions in particular, in respect of any matters relating to or connected with the receipt of deposits, including the rates of interest payable on such deposits, and the periods for which deposits may be received.
(4) If any non-banking institution fails to comply with any direction given by the Bank under sub-section (3), the Bank may prohibit the acceptance of deposits by that non-banking institution.
(5) [Omitted by the Reserve Bank of India (Amendment) Act, 1974.
(6) Every non-banking institution receiving deposits shall, if so required by the Bank and within such time as the Bank may specify, cause to be sent at the cost of the non-banking institution a copy of its annual balance-sheet and profit and loss account or other annual accounts to every person from whom the non-banking institution holds, as on the last day of the year to which the accounts relate, deposits higher than such sum as may be specified by the Bank.
Section 42 - Cash reserves of scheduled banks to be kept with the Bank
Section 43 - Publication of consolidated statement by the Bank
Section 43A - Protection of action taken in good faith
Section 45 - Appointment of agents
CHAPTER IIIA COLLECTION AND FURNISHING OF CREDIT INFORMATION
Section 45B - Power of Bank to collect credit information
Section 45C - Power to call for returns containing credit information
Section 45D - Procedure for furnishing credit information to banking companies
Section 45E - Disclosure of information prohibited
Section 45F - Certain claims for compensation barred
Section 45H Chapter IIIB not to apply in certain cases
Section 45IA - Requirement of registration and net owned fund
Section 45 IB - Maintenance of percentage of assets
Section 45ID - Power of Bank to remove directors from office
Section 45 JA - Power of Bank to determine policy and issue directions
Section 45 M - Duty of non-banking institutions to furnish statements, etc., required by Bank
Section 45 MA - Powers and duties of auditors
Section 45 MB - Power of bank to prohibit acceptance of deposit and alienation of assets