Section 54 of the Banking Regulation Act, 1949 – Protection of action taken under Act

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Section 54: Protection of action taken under Act

  • (1) No suit or other legal proceeding shall be lie against the Central Government, the Reserve Bank or any officer for anything which is in good faith done or intended to be done in pursuance of this Act.
  • (2) Save as otherwise expressly provided by or under this Act, no suit or other legal proceeding shall lie against the Central Government, the Reserve Bank or any officer for any damage caused or likely to be caused by anything in good faith done or intended to be done in pursuance of this Act.

Source: official text of The Banking Regulation Act, 1949 as published on India Code (PDF). All sections of the Banking Regulation Act, 1949.

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