No person other than a banking company, the Reserve Bank, the State Bank of India or any other **[banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank] shall accept from the public deposits of money withdrawable by cheque:
Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.
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*Ins. by Act 33 of 1959, s. 35 (w.e.f. 1-10-1959)
**Subs. by Act 55 of 1963, s. 28, for certain words (w.e.f. 1-2-1964)
Notwithstanding anything contained in section 21 of the Companies Act, 1956 (1 of 1956), the Central Government shall not signify its approval to the change of name of any banking company unless the Reserve Bank certifies in writing that it has no objection to such change.
Notwithstanding anything contained in the Companies Act, 1956 (1 of 1956), no application for the confirmation of the alteration of the memorandum of a banking company shall be maintainable unless the Reserve Bank certifies that there is no objection to such alteration.
Section 48 Application of fines Section 49 Special provisions for private banking companies
Section 50 Certain claims for compensation barred
Section 51 Application on of certain provisions to the State Bank of India and other notified banks
Section 52 Power of Central Government to make rules
Section 53 Power to exempt in certain cases
Section 54 Protection of action taken under Act
Section 55 Amendment of Act 2 of 1934, Section 55a Power to remove difficulties
Section 56 Act to apply to co-operative societies subject to modifications