Section 6(2) of the Banking Regulation Act, 1949 prohibits a banking company from engaging in any form of business other than those enumerated in sub-section (1). The permissible forms of additional business under sub-section (1)(o) include any other form specified by:

Section 6(1)(o) provides that, in addition to the business of banking, a banking company may engage in any other form of business which the Central Government may, by notification in the Official Gazette, specify as a form of business in which it is lawful for a banking company to engage. Section 6(2) then categorically bars all forms of business not listed in sub-section (1). The Central Government’s power under clause (o) allows expansion of the permitted activities list through a formal executive notification rather than legislative amendment, maintaining regulatory flexibility while retaining Parliamentary oversight through the notification procedure. It is the Central Government—not the RBI directly—that holds this specific power under clause (o).