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Section 45B - Power of Bank to collect credit information, Section 45C - Power to call for returns containing credit information: RBI Act 1934

What is the Power of Bank to collect credit information? What is the Power to call for returns containing credit information? Section 45B and 45C of Reserve Bank of India Act 1934

 

 

Section 45B of RBI Act 1934 : "Power of Bank to collect credit information"

The Bank may-

(a) collect, in such manner as it may think fit, credit information from banking companies; and

(b) furnish such information to any banking company in accordance with the provisions of section 45D.

 

Section 45C of RBI Act 1934: "Power to call for returns containing credit information"

(1) For the purpose of enabling the Bank to discharge its functions under this Chapter, it may at any time direct any banking company to submit to it such statements relating to such credit information and in such form and within such time as may be specified by the Bank from time to time.

(2) A banking company shall, notwithstanding anything to the contrary contained in any law for the time being in force or in any instrument regulating the constitution thereof or in any agreement executed by it, relating to the secrecy of its dealings with its constituents, be bound to comply with any direction issued under sub-section (1).

 

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