1(3) – This section shall come into force at once. Sections 2 to 19, 47, 50 to 52, 55 to 58 and 61 were brought into force on 1st January 1935 and the other sections on 1st April 1935.
Section 2 – Definitions
(aii) “the Bank” means the Reserve Bank of India constituted by this Act
(aiii) “Bank for International Settlements” means the body corporate
established with the said name under the law of Switzerland in pursuance of an agreement dated the 20th January, 1930, signed at the Hague.
(b) “the Central Board” means the Central Board of Directors of the Bank
(bva) “Consumer Price Index” means the Consumer Price Index Combined published by the Government of India from time to time.
(bvi) “Deposit Insurance Corporation” means the Deposit Insurance
Corporation established under section 3 of the Deposit Insurance Corporation
Act, 1961
(bviiia) “Exim Bank” means the Export-Import Bank of India established under the Export-Import Bank of India Act, 1981
(bix) “foreign currency” and “foreign exchange” have the meanings
respectively assigned to them in the Foreign Exchange Regulation Act, 1973
(c) “Industrial Finance Corporation” means the Industrial Finance Corporation of India established under the Industrial Finance Corporation Act, 1948
(ci) “inflation” means the year wise change in monthly Consumer Price Index expressed in terms of percentage
(cii) “inflation target” means the inflation target determined in accordance with sub-section (1) of section 45ZA
(ca) “International Development Association” means the “Association” referred to in the International Development Association (Status, Immunities and Privileges) Act, 1960
(cb) “International Finance Corporation” means the “Corporation” referred to in the International Finance Corporation (Status, Immunities and Privileges) Act, 1958
(cc) “International Monetary Fund” and “International Bank for Reconstruction and Development” mean respectively the “International Fund” and the “International Bank”, referred to in the International Monetary Fund and Bank Act, 1945
(cci) “Monetary Policy Committee” means the Committee constituted under sub-section (1) of section 45ZB
(ccc) “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
(cccc) “National Housing Bank” means the National Housing Bank established under section 3 of the National Housing Bank Act, 1987
(cccci) “Policy Rate” means the rate for repo-transactions under sub-section (12AB) of section 17
(cv) “Reconstruction Bank” means the Industrial Reconstruction Bank of India established under section 3 of the Industrial Reconstruction Bank of India, Act, 1984
(d) “rupee coin” means rupees which are legal tender in India under the provisions of the Indian Coinage Act, 1906
(e) “scheduled bank” means a bank included in the Second Schedule
(ea) “Sponsor Bank” means a Sponsor Bank as defined in the Regional Rural Banks Act, 1976
(eb)] “State Bank” means the State Bank of India constituted under the State Bank of India Act, 1955
(el) “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”
(fi) “State Financial Corporation” means any State Financial Corporation established under the State Financial Corporations Act 1951
(g) “Unit Trust” means the Unit Trust of India established under section 3 of the Unit Trust of India Act, 1963
(h) “agricultural operations”, “central co-operative bank”, “co-operative society”, “crops”, “marketing of crops”, “pisciculture”, “regional rural bank” and “State co-operative bank” shall have the meanings respectively assigned to them in the National Bank for Agriculture and Rural Development Act, 1981
(i) “co-operative bank”, “co-operative credit society”, “director”, “primary agricultural credit society”, “primary co-operative bank” and “primary credit society” shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949
