Delegation of Regulatory Powers: Central Government delegates Companies Act powers to RBI for banking companies, subject to revocation. The Central Government, under section 637(1) of the Companies Act, delegates its powers under sections 388B, 388C and 388E in relation to banking companies within the Banking Regulation Act to the Reserve Bank of India, subject to its power to revoke the delegation or to exercise the powers itself if necessary in the public interest; the notification is effective on publication in the Official Gazette.
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Delegation of Regulatory Powers: Central Government delegates Companies Act powers to RBI for banking companies, subject to revocation.
The Central Government, under section 637(1) of the Companies Act, delegates its powers under sections 388B, 388C and 388E in relation to banking companies within the Banking Regulation Act to the Reserve Bank of India, subject to its power to revoke the delegation or to exercise the powers itself if necessary in the public interest; the notification is effective on publication in the Official Gazette.
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