961 (47 of 1961);]
2
[
3* * * * *
(ffb) “Exim Bank” means the Export-Import Bank of India established under section 3 of the
Export-Import Bank of India Act, 1981 (28 of 1981);]
4
[(ffc) “Reconstruction Bank” means the Industrial Reconstruction Bank of India established
under Section 3 of the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984);]
5
[(ffd) “National Housing Bank” means the National Housing Bank established under section 3
of the National Housing Bank Act, 1987 (53 of 1987);]
(g) “gold” includes gold in the form of coin, whether legal tender or not, or in the form of
bullion or ingot, whether refined or not;
6
[(gg) “managing agent” includes,—
(i) secretaries and treasurers,
(ii) where the managing agent is a company, any director of such company, and any
member thereof who holds substantial interest in such company,
(iii) where the managing agent is a firm, any partner of such firm;]
7
[(h) “managing director”, in relation to a banking company, means a director who, by virtue of
an agreement with the banking company or of a resolution passed by the banking company in
general meeting or by its Board of directors or, by virtue of its memorandum or articles of
association, is entrusted with the management of the whole, or substantially the whole of the affairs
of the company, and includes a director occupying the position of a managing director, by whatever
name called:]
8
[Provided that the managing director shall exercise his powers subject to the superintendence,
control and direction of the Board of directors.]
9
[(ha) “National Bank” means the National Bank for Agriculture and Rural Development
established under section 3 of the National Bank for Agriculture and Rural Development Act, 1981
(61 of 1981);]
10[(hb) “National Bank for financing Infrastructure and Development” means the Institution
established under section 3 of the National Bank for Financing Infrastructure and Development Act,
2021;
(hc) “other development financial institution” means a development financial institution
licensed under section 29 of the National Bank for Financing Infrastructure and Development Act,
2021;]
11* * * * *
(j) “prescribed” means prescribed by rules made under this Act;
9
[(ja) “regional rural bank” means a regional rural bank established under section 3 of the
Regional Rural Banks Act, 1976 (21 of 1976);]
1. Ins. by Act 47 of 1961, s. 51 and the Second Schedule, Part II (w.e.f. 1-1-1962).
2. Ins. by Act 1 of 1984, s. 13 (w.e.f. 15-2-1984).
3. Omitted by Act 53 of 2003, s. 12 and Schedule, Part II (w.e.f. 2-7-2004).
4. Ins. by Act 62 of 1984, s. 71 and the Third Schedule (w.e.f. 20-3-1985).
5. Ins. by Act 53 of 1987, s. 56 and the Second Schedule (w.e.f. 9-7-1988).
6. Ins. by Act 58 of 1968, s. 2 (w.e.f. 1-2-1969).
7. Subs. by Act 33 of 1959, s. 2, for clause (h) (w.e.f. 1-10-1959).
8. Added by Act 58 of 1968, s. 2 (w.e.f. 1-2-1969).
9. Ins. by Act 61 of 1981, s. 61 and the Second Schedule (w.e.f. 1-5-1982).
10. Ins. by Act 17 of 2021, s. 48 and the third Schedule (w.e.f. 19-4-2021).
11. Omitted by Act 33 of 1959, s. 2 (w.e.f. 1-10-1959).
9
1* * * * *
2
[(l) “Reserve Bank” means the Reserve Bank of India constituted under section 3 of the
Reserve Bank of India Act, 1934 (2 of 1934):]
1* * * * *
(n) “secured loan or advance” means a loan or advance made on the security of assets the
market value of which is not at any time less than the amount of such loan or advance; and
“unsecured loan or advance” means a loan or advance not so secured;
3
[(ni) “Small Industries Bank” means the Small Industries Development Bank of India
established under section 3 of the Small Industries Development Bank of India Act, 1989
(39 of 1989);]
4
[(na) “small-scale industrial concern” mean an industrial concern in which the investment in
plant and machinery is not in excess of seven and a half lakhs of rupees or such higher amount, not
exceeding twenty lakhs of rupees, as the Central Government may, by notification in the Official
Gazette, specify in this behalf, having regard to the trends in industrial development and other
relevant factors;
5
[(nb) “Sponsor Bank” has the meaning assigned to it in the Regional Rural Banks Act, 1976
(21 of 1976) :
(nc) “State Bank of India” means the State Bank of India constituted under section 3 of the
State Bank of India Act, 1955 (23 of 1955);]
6
[(nd)] “subsidiary bank” has the meaning assigned to it in the State Bank of India (Subsidiary
Banks) Act, 1959 (38 of 1959);
7
[(ne)] “substantial interest”,—
(i) in relation to a company, means the holding of a beneficial interest by an individual or
his spouse or minor child, whether singly or taken together in the shares thereof, the amount
paid-up on which exceeds five lakhs of rupees or ten per cent. of the paid-up capital of the
company, whichever is less;
(ii) in relation to a firm, means the beneficial interest held therein by an individual or his
spouse or minor child, whether singly or taken together, which represents more than ten
per cent. of the total capital subscribed by all the partners of the said firm;]
8
[(o) all other words and expressions used herein but not defined and defined in the Companies
Act, 1956 (1 of 1956), shall have the meanings respectively assigned to them in that Act.]
9* * * * *
10[5A. Act to override memorandum, articles, etc.—Save as otherwise expressly provided in this
Act,—
(a) the provisions of this Act shall have effect notwithstanding anything to the contrary
contained in the memorandum or articles of a banking company, or in any agreement executed by
it, or in any resolution passed by the banking company in general meeting or by its Board of
1. Omitted by Act 33 of 1959, s. 2 (w.e.f. 1-10-1959).
2. Subs. by Act 1 of 1984, s. 13, for clause (l) (w.e.f. 15-2-1984).
3. Ins. by Act 39 of 1989, s. 53 and the Second Schedule (w.e.f. 25-10-1989).
4. Ins. by Act 58 of 1968, s. 2 (w.e.f. 1-2-1969).
5. Ins. by Act 1 of 1984, s. 13, (w.e.f. 15-2-1984).
6. Clause (nb) re-lettered as clause (nd) by Act 1 of 1984, s. 13 (w.e.f. 15-2-1984).
7. Clause (nc) re-lettered as clause (ne) by s. 13, ibid. (w.e.f. 15-2-1984).
8. Ins. by Act 33 of 1959, s. 2 (w.e.f. 1-10-1959).
9. Omitted by the A.O. 1950.
10. Ins. by Act 33 of 1959, s. 3 (w.e.f. 1-10-1959).
10
Directors, whether the same be registered, executed or passed, as the case may be, before or after
the commencement of the Banking Companies (Amendment) Act, 1959 (33 of 1959); and
(b) any provision contained in the memorandum, articles, agreement or resolution aforesaid
shall, to the extent to which it is repugnant to the provisions of this Act, become or be void, as the
case may be.]