Banking Regulation Act, 1949 — back to Table of Contents
Section 46A. Chairman, director, etc., to be public servants for the purposes of Chapter IX of the Indian Penal Code
Every whole-time chairman, managing director, director, auditor, liquidator, manager and any other employee of a banking company is deemed to be a “public servant” for the purposes of Chapter IX of the Indian Penal Code — the chapter dealing with offences by or relating to public servants, including bribery and criminal misconduct.
This deeming provision raises the accountability bar for people in these roles, exposing them to the specific offences and penalties Chapter IX prescribes for public servants, over and above ordinary criminal liability.
Note: Chapter IX of the Indian Penal Code, 1860 has since been succeeded by the corresponding chapter of the Bharatiya Nyaya Sanhita, 2023 for offences committed after 1 July 2024.
