1. Short title and commencement.—(1) This Act may be called the Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1980.
(2) It shall be deemed to have come into force on the 15th day of April, 1980.
2. Definitions.—In this Act, unless the context otherwise requires,—
(a) “banking company” does not include a foreign company within the meaning of section 591 of
the Companies Act, 1956 (1 of 1956);
(b) “corresponding new bank”, in relation to an existing bank, means the body corporate specified
against such bank in column 2 of the First Schedule;
(c) “Custodian” means the person who becomes, or is appointed, a Custodian under section 7;
(d) “existing bank” means a banking company specified in column 1 of the First Schedule, being
a company the total of the demand and time liabilities in India of which, as shown in the return as on
the 14th day of March, 1980, furnished to the Reserve Bank under section 42 of the Reserve Bank of
India Act, 1934 (2 of 1934), amounts to not less than rupees two hundred crores;
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[(da) “prescribed” means prescribed by regulations made under this Act;]
(e) words and expressions used herein and not defined but defined in the Banking Regulation Act,
1949 (10 of 1949) have the meanings respectively assigned to them in that Act;
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[(f) words and expressions used herein and not defined either in this Act or in the Banking
Regulation Act, 1949 (10 of 1949), but defined in the Companies Act, 1956 (1 of 1956) shall have the
meanings respectively assigned to them in the Companies Act, 1956.]