First Schedule of the Reserve Bank of India Act, 1934
The First Schedule to the Reserve Bank of India Act, 1934 specifies four territorial areas - Western, Eastern, Northern and Southern - for the Local Boards contemplated by Section 9 of the Act.
What does the First Schedule provide?
The First Schedule is headed "The First Schedule" and is linked to Section 9. In the official consolidated text published on India Code, it sets out the following four areas:
1. Western Area
The Western Area consists of Goa, Gujarat, Madhya Pradesh and Maharashtra, together with the Union territories of Dadra and Nagar Haveli, and Daman and Diu, as stated in the published statutory text.
2. Eastern Area
The Eastern Area consists of Arunachal Pradesh, Assam, Bihar, Manipur, Meghalaya, Mizoram, Nagaland, Orissa, Sikkim, Tripura and West Bengal, together with the Union territories of Andaman and Nicobar Islands, as stated in the published statutory text.
3. Northern Area
The Northern Area consists of Jammu and Kashmir, Punjab, Haryana, Himachal Pradesh, Rajasthan and Uttar Pradesh, together with the Union territories of Chandigarh and Delhi, according to the consolidated statutory text currently published on India Code.
4. Southern Area
The Southern Area consists of Andhra Pradesh, Karnataka, Tamil Nadu and Kerala, together with the Union territories of Pondicherry and Lakshadweep, according to the consolidated statutory text currently published on India Code.
Section 9 and the purpose of the First Schedule
Section 9 of the Reserve Bank of India Act, 1934 provides for a Local Board for each of the four areas specified in the First Schedule. The Schedule's function is therefore territorial: it identifies the areas to which the statutory Local Board structure relates.
Important distinction from Sections 58F and 58G
Section 58F - Application of fine: this provision permits a court imposing a fine under the Act to direct that the whole or part of the fine be applied towards the costs of the proceedings.
Section 58G - Power of Bank to impose fine: this is a separate penalty provision relating to specified contraventions or defaults by non-banking financial companies. It is not the First Schedule.
Official legal source
For the authoritative consolidated statutory text, amendments and footnotes, refer to the Reserve Bank of India Act, 1934 on India Code. Readers should verify the latest Gazette notifications and statutory amendments where a current legal position is required.