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of <h1>RBI Act Defines Scheduled Banks, Authorizes Electoral Bonds, and Clarifies Non-Banking Financial Companies under Sections 2(e), 31(3), 45-I(f)</h1> The Reserve Bank of India Act, 1934, includes provisions relevant to the Income-tax Act, 1961. Section 2(e) defines a 'scheduled bank' as one listed in the Second Schedule. Section 31(3) allows the Central Government to authorize scheduled banks to issue electoral bonds, defined as bonds issued under a government-notified scheme. Section 45-I(f) defines a 'non-banking financial company' as a financial institution or company primarily engaged in deposit-taking or lending, or other specified non-banking institutions approved by the Central Government and notified in the Official Gazette.
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