Section 27 of Banking Regulation Act - Monthly returns and power to call for other returns and information

Section 27 of Banking Regulation Act 1949: Monthly returns and power to call for other returns and information

(1) Every banking company shall, before the close of the month succeeding that to which it relates, submit to the Reserve Bank a return in the prescribed form and manner showing its assets and liabilities *[in India] as at the close of business on the last Friday of every month or if that Friday is a public holiday under the Negotiable Instruments Act, 1881 (26 of 1881), at the close of business on the preceding working day.

**[(2) The Reserve Bank may at any time direct a banking company to furnish it within such time as may be specified by the Reserve Bank, with such statements and information relating to the business or affairs of the banking company (including any business or affairs with which such banking company is concerned) as the Reserve Bank may consider necessary or expedient to obtain for the purposes of this Act, and without prejudice to the generality of the foregoing power may call for information every half-year regarding ***[the investments of a banking company and the classification of its advances in respect of industry, commerce and agriculture].

****[(3) Every regional rural bank shall submit a copy of the return which it submits to the Reserve Bank under sub-section (1) also to the National Bank and the powers exercisable by the Reserve Bank under sub-section (2) may also be exercised by the National Bank in relation to regional rural banks.

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* Subs. by Act 20 of 1950, s. 3, for "in the States" (w.e.f. 18-3-1950)

** Subs. by Act 95 of 1956, s. 6, for sub-section (2) (w.e.f. 14-1- 1957)

*** Subs. by Act 33 of 1959, s. 17, for certain words (w.e.f. 1-10- 1959)

**** Ins. by Act 61 of 1981, s. 61 and the Second Schedule (w.e.f. 1-5-1982)