Section 49A of the Banking Regulation Act, 1949 – Restriction on acceptance of deposits withdrawable by cheque

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Section 49A: Restriction on acceptance of deposits withdrawable by cheque

1[49A. Restriction on acceptance of deposits withdrawable by cheque.–No person other than a banking company, the Reserve Bank, the State Bank of India or any other 2[banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank] shall accept from the public deposits of money withdrawable by cheque: Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.]

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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