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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>India Delegates Companies Act Powers to RBI for Banking Firms; Central Government Retains Revocation Rights</h1> The Government of India, through the Ministry of Corporate Affairs, has delegated its powers under sections 388B, 388C, and 388E of the Companies Act, 1956, to the Reserve Bank of India (RBI) concerning banking companies governed by the Banking Regulation Act, 1949. This delegation is subject to the condition that the Central Government retains the authority to revoke the delegation or exercise these powers directly if deemed necessary for public interest. This notification becomes effective upon its publication in the Official Gazette.
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