Banking Regulation Act, 1949 — back to Table of Contents
Section 55. Amendment of Act 2 of 1934
The Reserve Bank of India Act, 1934 is amended as set out in the fourth column of the First Schedule to this Act. The amendments made to section 18 of the RBI Act by that Schedule are deemed to have taken effect retrospectively, from 20 September 1947.
This is a consequential-amendment provision: rather than restating the changes in the body of section 55 itself, it points to the First Schedule, which lists the specific RBI Act amendments made when the Banking Regulation Act was enacted.
Note: “Act 2 of 1934” refers to the Reserve Bank of India Act, 1934.
