Section 2 - Definitions : RBI Act 1934

What are the Definitions? Section 2 of Reserve Bank of India Act 1934

Section 2 of RBI Act 1934 : "Definitions"

In this Act, unless there is anything repugnant in the subject or context,-
(a) ***
(ai)***
(aii) "the Bank" means the Reserve Bank of India constituted by this Act ;

(aiii) "Bank for International Settlements" means the body corporate established with the said name under the law of Switzerland in pursuance of an agreement dated the 20th January, 1930, signed at the Hague ;

(b) "the Central Board" means the Central Board of Directors of the Bank ;

(bi) to (bv) ***

(bvi) "Deposit Insurance Corporation" means the Deposit Insurance Corporation established under section 3 of the Deposit Insurance Corporation Act, 1961 (47 of 1961) ;

(bvii) ***

(bviii) ***

(bviiia) "Exim Bank" means the Export-Import Bank of India established under the Export-Import Bank of India Act, 1981 (28 of 1981) ;

(bix) "foreign currency" and "foreign exchange" have the meanings respectively assigned to them in the Foreign Exchange Regulation Act, 1973 (46 of 1973) ;

(c) "Industrial Finance Corporation" means the Industrial Finance Corporation of India established under the Industrial Finance Corporation Act, 1948 (15 of 1948) ;

(ca) "International Development Association" means the "Association" referred to in the International Development Association (Status, Immunities and Privileges) Act, 1960 (32 of 1960) ;

(cb) "International Finance Corporation" means the "Corporation" referred to in the International Finance Corporation (Status, Immunities and Privileges) Act, 1958 (42 of 1958) ;

(cc) "International Monetary Fund" and "International Bank for Reconstruction and Development" mean respectively the "International Fund" and the "International Bank", referred to in the International Monetary Fund and Bank Act, 1945 ;

(ccc) "National Bank" means the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981) ;

(cccc) "National Housing Bank" means the National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987) ;

(ci) to (civ) ***

(cv ) "Reconstruction Bank" means the Industrial Reconstruction Bank of India established under section 3 of the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984) ;

(d) "rupee coin" means rupees which are legal tender in India under the provisions of the Coinage Act, 2011 (11 of 2011) ;

(e) "scheduled bank" means a bank included in the Second Schedule ;

(ei) "Small Industries Bank" means the Small Industries Development Bank of India established under section 3 of the Small Industries Development Bank of India Act, 1989 (39 of 1989) ;

(ea) "Sponsor Bank" means a Sponsor Bank as defined in the Regional Rural Banks Act, 1976 (21 of 1976) ;

(eb) "State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955) ;

(f) ***

(fi) "State Financial Corporation" means any State Financial Corporation established under the State Financial Corporations Act,1951 (63 of 1951);

(g) "Unit Trust" means the Unit Trust of India established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963) ;

(h) "agricultural operations", "central co-operative bank", "co-operative society", "crops", "marketing of crops", "pisciculture", "regional rural bank" and "State co-operative bank" shall have the meanings respectively assigned to them in the National Bank for Agriculture and Rural Development Act, 1981 ;

(i) "co-operative bank", "co-operative credit society", "director", "primary agricultural credit society", "primary co-operative bank" and "primary credit society" shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949 (10 of 1949).