Delegation of Powers U/s 388 B, 388C, 388E to RBI (Banking Regulation Act)

Posted: 27/12/2012 in MCA, Notifications
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Notification, [F.No. 17/231/2012 – CL-V], dated 21.12.2012

S.O.…….… (E). – In exercise of the powers conferred by sub-section (1) of section 637 of the Companies Act, 1956 (1 of 1956), the Central Government hereby delegates its powers under sections 388B, 388C and 388E of the said Act in relation to banking companies falling within the purview of the Banking Regulation Act, 1949 (10 of 1949), to the Reserve Bank of India subject to condition that the Central Government may -revoke such delegation of powers or may itself exercise the powers under the said sections, if, in its opinion, such a course of action is necessary in the public interest.

2.  This notification shall come into force on the date of its publication in the Official Gazette.

Click here to download the complete text of the above Notification in PDF Format.

Source: Ministry of Corporate Affairs.

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