Question
Section 35A(1) of the Banking Regulation Act, 1949
empowers the Reserve Bank to issue directions to banking companies generally or to any banking company in particular. Such directions may be issued where the Reserve Bank is satisfied that it is necessary to do so for which of the following grounds, among others?Solution
Section 35A(1), inserted by the Banking Companies (Amendment) Act, 1956 (Act 95 of 1956), provides that the Reserve Bank may issue directions where it is satisfied that — (a) in the public interest; or (aa) in the interest of banking policy; or (b) to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors or in a manner prejudicial to the interests of the banking company; or (c) to secure the proper management of any banking company generally — it is necessary to issue such directions. All four grounds are listed in the section. Ground (aa) was added by the Banking Law (Amendment) Act, 1968. Banking companies are bound to comply with all such directions, and sub-section (2) allows the Reserve Bank to modify or cancel directions, subject to conditions.
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