Banker to an issue definition expanded to include specified banking companies, broadening acceptance and payment obligations. The amendments expand the definition of banker to an issue to include scheduled banks or other banking companies specified by the Board, explicitly listing activities such as acceptance of application and allotment or call monies, refunds, and payment of dividend or interest warrants. Textual changes remove requirements that actions be performed exclusively by scheduled banks and permit the Board to specify other banking companies; the Board may, after inspection or investigation, take appropriate action including under the intermediaries enforcement framework.
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Banker to an issue definition expanded to include specified banking companies, broadening acceptance and payment obligations.
The amendments expand the definition of banker to an issue to include scheduled banks or other banking companies specified by the Board, explicitly listing activities such as acceptance of application and allotment or call monies, refunds, and payment of dividend or interest warrants. Textual changes remove requirements that actions be performed exclusively by scheduled banks and permit the Board to specify other banking companies; the Board may, after inspection or investigation, take appropriate action including under the intermediaries enforcement framework.
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