Reserve Bank of India Act, 1934

Effect of agreements made between the Bank and certain States before the 1st November, 1956 (1) Any agreement made under section 21 or section 21A between the Bank and the Government of a State specified in the Explanation below and in force immediately before the 1st day of November, 1956, shall, as from that day have effect […]

Bank to transact Government business of [***] States on agreement (1) The Bank may by agreement with the Government of any [***] State [***] undertake— (a)   all its money, remittance, exchange and banking transactions in India, including in particular, the deposit, free of interest, of all its cash balances with the Bank; and (b)   the

Bank to have the right to transact Government business in India (1) The Central Government [***] shall entrust the Bank, on such conditions as may be agreed upon, with all [its] money, remittance, exchange and banking transactions in India, and, in particular, shall deposit free of interest all [its] cash balances with the Bank : Provided that nothing in

Transaction of business for British Military Administration, Burma. [Repealed].

Obligation of the Bank to transact Government business The Bank shall undertake to accept monies for account of the Central Government, [***] and to make payments up to the amount standing to the credit of [its account], and to carry out [its] exchange, remittance and other banking operations, including the management of the public debt [of the Union].

Business which the Bank may not transact Save as otherwise provided in sections 17, 18, [42] and 45, the Bank may not— (1)   engage in trade or otherwise have a direct interest in any commercial, industrial, or other undertaking except such interest as it may in any way acquire in the course of the satisfaction

Validity of loan or advance not to be questioned Notwithstanding anything to the contrary contained in any other law for the time being in force,— (a)   the validity of any loan or advance granted by the Bank in pursuance of the provisions of this Act shall not be called in question merely on the

Power of direct discount [***] When, in the opinion of the [Bank] a special occasion has arisen making it necessary or expedient that action should be taken under this [section] for the purposes of regulating credit in the interests of Indian trade, commerce, industry and agricultural, the Bank may, notwithstanding any limitation contained in [***] section 17,— [(1)

Business which the Bank may transact The Bank shall be authorised to carry on and transact the several kinds of business hereinafter specified, namely :— (1) the accepting of money on deposit without interest from, and the collection of money for the Central Government, the State Governments, [***] local authorities, banks and any other persons; [(1A)

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