Section 20 of the Reserve Bank of India Act, 1934 – Obligation of the Bank to transact Government business

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Section 20: Obligation of the Bank to transact Government business

Obligation of the Bank to transact Government business.—The Bank shall undertake to accept monies for account of the Central Government and to make payments up to the amount standing to the credit of its account, and to carry out its exchange, remittance and other banking operations, including the management of the public debt of the Union.

Source: official text of The Reserve Bank of India Act, 1934 as published on India Code (PDF). All sections of the Reserve Bank of India Act, 1934.

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