Unit I · Law of Banking and Negotiable Instruments

Reserve Bank of India Act, 1934

Study aid only. Confirm statute numbers with the current bare Act and the official OU LL.B. (3-YDC) 2024–25 syllabus PDF.

Statute sections

Act / instrument	Section	Name
Reserve Bank of India Act, 1934	3	Establishment and incorporation of Reserve Bank
Reserve Bank of India Act, 1934	22	Right to issue bank notes
Reserve Bank of India Act, 1934	45JA	Power of Bank to determine policy and issue directions (NBFCs)
Reserve Bank of India Act, 1934	58B	Penalties

AIR 1962 SC 1371 · Supreme Court of India

Section 38 of the Banking Regulation Act empowering RBI to apply for winding up of a banking company was upheld as a reasonable special procedure.

AIR 1992 SC 1033 · Supreme Court of India

RBI directions regulating residuary non-banking companies were valid exercises of statutory power to protect depositors.

(2015) 13 SCC 525 · Supreme Court of India

RBI was directed to disclose bank-inspection material under the RTI Act; later Constitution Bench proceedings revisited the fiduciary exemption.