Banking Regulation Act, 1949 — back to Table of Contents
Section 49C. Alteration of memorandum of a banking company
Notwithstanding the Companies Act, 1956, an application to confirm an alteration to a banking company’s memorandum of association is not maintainable unless the Reserve Bank certifies that it has no objection to the alteration.
Like section 49B for name changes, this ensures that any change to a bank’s foundational constitutional document — its objects, capital structure, or other core terms — is vetted by the RBI before it can proceed, regardless of what company law alone would otherwise permit.
Note: This section was inserted by the Banking Laws (Amendment) Act, 1983, and (like section 49B) now also applies to co-operative banks following the Banking Regulation (Amendment) Act, 2020.
