Section 45 L - Power of Bank to call for information from financial institutions and to give directions : RBI Act 1934

What is the Power of Bank to call for information from financial institutions and to give directions? Section 45 L of Reserve Bank of India Act 1934

 

 

Section 45-L of RBI Act 1934 : "Power of Bank to call for information from financial institutions and to give directions"

(1) If the Bank is satisfied that for the purpose of enabling it to regulate the credit system of the country to its advantage it is necessary so to do, it may-

(a) require financial institutions either generally or any group of financial institutions or financial institution in particular, to furnish to the Bank in such form, at such intervals and within such time, such statements, information or particulars relating to the business of such financial institutions or institution, as may be specified by the Bank by general or special order ;

(b) give to such institutions either generally or to any such institution in particular, directions relating to the conduct of business by them or by it as financial institutions or institution.

(2) Without prejudice to the generality of the power vested in the Bank under clause (a) of sub-section (1), the statements, information or particulars to be furnished by a financial institution may relate to all or any of the following matters, namely, the paid-up capital, reserves or other liabilities, the investments whether in Government securities or otherwise, the persons to whom, and the purposes and periods for which, finance is provided and the terms and conditions, including the rates of interest, on which it is provided.

(3) In issuing directions to any financial institution under clause (b) of sub-section (1), the Bank shall have due regard to the conditions in which, and the objects for which, the institution has been established, its statutory responsibilities, if any, and the effect the business of such financial institution is likely to have on trends in the money and capital markets.

 

RBI ACT 1934

Section 42 - Cash reserves of scheduled banks to be kept with the Bank

Section 43 - Publication of consolidated statement by the Bank

Section 43A - Protection of action taken in good faith

Section 45 - Appointment of agents

CHAPTER IIIA COLLECTION AND FURNISHING OF CREDIT INFORMATION

Section 45A - Definitions

Section 45B - Power of Bank to collect credit information

Section 45C - Power to call for returns containing credit information

Section 45D - Procedure for furnishing credit information to banking companies

Section 45E - Disclosure of information prohibited

Section 45F - Certain claims for compensation barred

Section 45H Chapter IIIB not to apply in certain cases

Section 45I - Definitions

Section 45IA - Requirement of registration and net owned fund

Section 45 IB - Maintenance of percentage of assets

Section 45 IC - Reserve fund

Section 45ID - Power of Bank to remove directors from office

Section 45IE Supersession of Board of directors of non-banking financial company other than Government Company

Section 45 J - Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money

Section 45 JA - Power of Bank to determine policy and issue directions

Section 45 K - Power of Bank to collect information from non-banking institutions as to deposits and to give directions

Section 45 L - Power of Bank to call for information from financial institutions and to give directions

Section 45 M - Duty of non-banking institutions to furnish statements, etc., required by Bank

Section 45 MA - Powers and duties of auditors

Section 45 MB - Power of bank to prohibit acceptance of deposit and alienation of assets

Section 45 MC - Power of Bank to file winding up petition