(1) The Reserve Bank may, at any time, direct a banking company to annex to its financial statements or furnish to it separately, within such time and at such intervals as may be specified by the Reserve Bank, such statements and information relating to the business or affairs of any associate enterprise of the banking company as the Reserve Bank may consider necessary or expedient to obtain for the purpose of this Act.
(2) Notwithstanding anything to the contrary contained in the Companies Act, 1956 (1 of 1956), the Reserve Bank may, at any time, cause an inspection to be made of any associate enterprise of a banking company and its books of account jointly by one or more of its officers or employees or other persons along with the Board or authority regulating such associate enterprise.
(3) The provisions of sub-sections (2) and (3) of section 35 shall apply mutatis mutandis to the inspection under this section.
Explanation.- "associate enterprise" in relation to a banking company includes an enterprise which-
(i) is a holding company or a subsidiary company of the banking company; or
(ii) is a joint venture of the banking company; or
(iii) is a subsidiary company or a joint venture of the holding company of the banking company; or
(iv) controls the composition of the Board of directors or other body governing the banking company; or
(v) exercises, in the opinion of the Reserve Bank, significant influence on the banking company in taking financial or policy decisions; or
(vi) is able to obtain economic benefits from the activities of the banking company.
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*Ins. by Act 4 of 2013, s. 9 (w.e.f. 18-1-2013)
Section 16 Prohibition of common directors
Section 19 Restriction on nature of subsidiary companies
Section 20 Restrictions on loans and advances
Section 20A Restrictions on power to remit debts
Section 21 Power of Reserve Bank to control advances by banking companies
Section 21A Rates of interest charged by banking companies not to be subject to scrutiny by courts
Section 22 Licensing of banking companies
Section 23 Restrictions on opening of new and transfer of existing, places of business
Section 24 Maintenance of a percentage of assets
Section 26 Return of unclaimed deposits
Section 26A Establishment of Depositor Education and Awareness Fund
Section 27 Monthly returns and power to call for other returns and information
Section 28 Power to publish information
Section 29 Accounts and balance-sheet