Reserve Bank of India Act, 1934

First constitution of the Central Board [Repealed by the Reserve Bank (Transfer to Public Ownership) Act, 1948, w.e.f. 1-1-1949.]

General meetings [Repealed by the Reserve Bank (Transfer to Public Ownership) Act, 1948, w.e.f. 1-1-1949.]

Meetings of the Central Board (1) Meetings of the Central Board shall be convened by the Governor at least six times in each year and at least once in each quarter. (2) Any [four] Directors may require the Governor to convene a meeting of the Central Board at any time and the Governor shall forthwith convene

Casual vacancies and absences (1) If the Governor or a Deputy Governor by infirmity or otherwise is rendered incapable of executing his duties or is absent on leave or otherwise in circumstances not involving the vacation of his appointment, the Central Government may, after consideration of the recommendations made by the Central Board in this

Removal from and vacation of office (1) The Central Government may remove from office the Governor, or a Deputy Governor or any other Director [or any member of a Local Board]. (2) A Director nominated under clause (b) or clause (c) of sub-section (1) of section 8 shall cease to hold office if without leave from

Disqualifications of Directors and members of Local Boards (1) No person may be a Director or a member of a Local Board who— (a)   is a salaried Government official, or (b)   is, or at any time has been, adjudicated an insolvent, or has suspended payment or has compounded with his creditors, or (c)

Local Boards, their constitution and functions (1) A Local Board shall be constituted for each of the four areas specified in the First Schedule and shall consist of five members to be appointed by the Central Government to represent, as far as possible, territorial and economic interests and the interest of co-operative and indigenous banks.

Composition of the Central Board and term of office of Directors (1) The Central Board shall consist of the following Directors, namely :— (a)   a Governor and [not more than four] Deputy Governors to be appointed by the Central Government ; (b)   four Directors to be nominated by the Central Government, one from each

Management (1) The Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest. (2) Subject to any such directions, the general superintendence and direction of the affairs and business of the Bank shall be entrusted

Offices, branches and agencies The Bank shall, as soon as may be, establish offices in Bombay, Calcutta, Delhi and Madras [***] and may establish branches or agencies in any other place in India or, with the previous sanction of the Central Government elsewhere.