Section 14A of the Banking Regulation Act, 1949 deals with floating charges on assets. Under this section, a banking company aggrieved by the refusal of the Reserve Bank to certify that the creation of a floating charge is not detrimental to depositors’ interests may appeal to the Central Government within:

Section 14A(3) provides that any banking company aggrieved by the refusal of a certificate under sub-section (1) may, within ninety days from the date on which such refusal is communicated to it, appeal to the Central Government. Under sub-section (4), the decision of the Central Government on an appeal so preferred, or of the Reserve Bank where no such appeal has been preferred, is final. Section 14A(1) stipulates that no banking company shall create a floating charge on its undertaking or any part of its property unless the Reserve Bank certifies in writing that it is not detrimental to depositor interests, and sub-section (2) provides that any such charge created without such certification is invalid.