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of <h1>Reserve Bank Can Request Moratorium and Restructuring for Banking Companies Under Section 45 of Banking Regulation Act.</h1> The Banking Regulation Act, 1949 defines a 'banking company' as any company conducting banking business in India, excluding those merely accepting public deposits for financing manufacturing or trading activities. Section 45 empowers the Reserve Bank to request the Central Government for a moratorium on a banking company, during which payments to depositors and creditors are suspended. The Reserve Bank can propose schemes for reconstruction or amalgamation of the banking company, detailing changes in assets, liabilities, management, and employee conditions. The Act's provisions also apply to cooperative banks with specific modifications, defining various cooperative banking entities and their operational frameworks.
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