Banking Regulation Act : Restriction on acceptance of deposits withdrawable by cheque. Indian Bare Acts

Banking Regulation Act,1949

Act No : 10

Section : Restriction on acceptance of deposits withdrawable by cheque.

3*[49A. Restriction on acceptance of deposits withdrawable by cheque.- No person other than a banking company, the Reserve Bank, the State Bank of India or any other 4*[banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank] shall accept from the public deposits of money withdrawable by cheque: Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.