SCHEDULE - 02 (PART- 1) - Amendment of section 45-1 of Act 2 of 1934. - Banning of Unregulated Deposit Schemes Act, 2019

THE SECOND SCHEDULE [(See section 42)] AMENDMENTS TO CERTAIN ENACTMENTS PART I AMENDMENT TO THE RESERVE BANK OF INDIA ACT, 1934 Amendment of section 45-I of Act 2 of 1934. In the Reserve Bank of India Act, 1934 (2 of 1934), in section 45-I, in clause (bb), after Explanation II, the following Explanation shall be inserted, namely:- Explanation III .-The amounts accepted by a co- operative society from the members or shareholders, by whatever name called, but excluding the amounts received as share capital, shall be deemed to be deposits for the purposes of this clause, if such members or shareholders are nominal or associate members, by whatever name called, who do not have full voting rights in the meetings of such co-operative society. .