Central Act
49A
Section 49A. Restriction on acceptance of deposits withdrawable by cheque.
The Banking Regulation Act, 1949
In forceAll India (Central Act)
1[49A. Restriction on acceptance of deposits withdrawable by cheque.--No person other than a banking company, the Reserve Bank, the State Bank of India or any other 2[banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank] shall accept from the public deposits of money withdrawable by cheque: Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.]