1[In this Act], unless there is anything repugnant in the subject or context,—

2[(a) approved securities means the securities issued by the Central Government or any State Government or such other securities as may be specified by the Reserve Bank from time to time.]

Explanation.—Any company which is engaged in the manufacture of goods or carries on any trade and which accepts deposits of money from the public merely for the purpose of financing its business as such manufacturer or trader shall not be deemed to transact the business of banking within the meaning of this clause;

4[(ca) banking policy means any policy which is specified from time to time by the Reserve Bank in the interest of the banking system or in the interest of monetary stability or sound economic growth, having due regard to the interests of the depositors, the volume of deposits and other resources of the bank and the need for equitable allocation and the efficient use of these deposits and resources;]

5[(cc) branch or branch office, in relation to a banking company, means any branch or branch office, whether called a pay office or sub-pay office or by any other name, at which deposits are received, cheques cashed or moneys lent, and for the purposes of section 35 includes any place of business where any other form of business referred to in sub-section (1) of section 6 is transacted;]

6[(d) company means any company as defined in section 3 of the Companies Act, 1956 (1 of 1956); and includes foreign company within the meaning of section 591 of that Act;]

7[(da) corresponding new bank means a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980);]

8* * * * *

9[(ff) Deposit Insurance Corporation means the Deposit Insurance Corporation established under section 3 of the Deposit Insurance Corporation Act, 1961 (47 of 1961);]

10-[ 11* * * * *

(ffb) Exim Bank means the Export-Import Bank of India established under section 3 of the Export-Import Bank of India Act, 1981 (28 of 1981);]

12[(ffc) Reconstruction Bank means the Industrial Reconstruction Bank of India established under Section 3 of the Industrial Reconstruction Bank of India Act, 1984 (62 of 1984);]

13[(ffd) National Housing Bank means the National Housing Bank established under section 3 of the National Housing Bank Act, 1987 (53 of 1987);]

14[(gg) managing agent includes,—

15[(h) managing director, in relation to a banking company, means a director who, by virtue of of an agreement with the banking company or of a resolution passed by the banking company in general meeting or by its Board of directors or, by virtue of its memorandum or articles of association, is entrusted with the management of the whole, or substantially the whole of the affairs of the company, and includes a director occupying the position of a managing director, by whatever name called:]

16[Provided that the managing director shall exercise his powers subject to the superintendence, control and direction of the Board of directors.]

17[(ha) National Bank means the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);]

18[(hb) National Bank for financing Infrastructure and Development means the Institution established under section 3 of the National Bank for Financing Infrastructure and Development Act, 2021;

(hc) other development financial institution means a development financial institution licensed under section 29 of the National Bank for Financing Infrastructure and Development Act, 2021;]

19* * * * *

17[(ja) regional rural bank means a regional rural bank established under section 3 of the Regional Rural Banks Act, 1976 (21 of 1976);]

20* * * * *

21[(l) Reserve Bank means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934):]

20* * * * *

22[(ni) Small Industries Bank means the Small Industries Development Bank of India established under section 3 of the Small Industries Development Bank of India Act, 1989 (39 of 1989);]

23[(na) small-scale industrial concern mean an industrial concern in which the investment in plant and machinery is not in excess of seven and a half lakhs of rupees or such higher amount, not exceeding twenty lakhs of rupees, as the Central Government may, by notification in the Official Gazette, specify in this behalf, having regard to the trends in industrial development and other relevant factors;

24[(nb) Sponsor Bank has the meaning assigned to it in the Regional Rural Banks Act, 1976 (21 of 1976) :

(nc) State Bank of India means the State Bank of India constituted under section 3 of the State Bank of India Act, 1955 (23 of 1955);]

25[(nd)] subsidiary bank has the meaning assigned to it in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959);

26[(ne)] substantial interest,—

27[(o) all other words and expressions used herein but not defined and defined in the Companies Act, 1956 (1 of 1956), shall have the meanings respectively assigned to them in that Act.]

28* * * * * 1. Subs. by Act 55 of 1963, s. 6, for (1) In this Act (w.e.f. 1-2-1964). 2. Subs. by Act 4 of 2013, s. 2 (w.e.f. 18-1-2013). 3. Subs. by Act 20 of 1950, s. 3, for in any State. 4. Ins. by Act 58 of 1968, s. 2 (w.e.f. 1-2-1969). 5. Ins. by Act 33 of 1959, s. 2 (w.e.f. 1-10-1959). 6. Subs. by s. 2, ibid., for clause (d) (w.e.f. 1-10-1959). 7. Ins. by Act 1 of 1984, s. 13 (w.e.f. 15-2-1984). 8. Clause (e) omitted by Act 52 of 1953, s. 2 (w.e.f. 30-12-1953). 9. Ins. by Act 47 of 1961, s. 51 and the Second Schedule, Part II (w.e.f. 1-1-1962). 10. Ins. by Act 1 of 1984, s. 13 (w.e.f. 15-2-1984). 11. Omitted by Act 53 of 2003, s. 12 and Schedule, Part II (w.e.f. 2-7-2004). 12. Ins. by Act 62 of 1984, s. 71 and the Third Schedule (w.e.f. 20-3-1985). 13. Ins. by Act 53 of 1987, s. 56 and the Second Schedule (w.e.f. 9-7-1988). 14. Ins. by Act 58 of 1968, s. 2 (w.e.f. 1-2-1969). 15. Subs. by Act 33 of 1959, s. 2, for clause (h) (w.e.f. 1-10-1959). 16. Added by Act 58 of 1968, s. 2 (w.e.f. 1-2-1969). 17. Ins. by Act 61 of 1981, s. 61 and the Second Schedule (w.e.f. 1-5-1982). 18 Ins. by Act 17 of 2021, s. 48 and the third Schedule (w.e.f. 19-4-2021). 19. Omitted by Act 33 of 1959, s. 2 (w.e.f. 1-10-1959). 20. Omitted by Act 33 of 1959, s. 2 (w.e.f. 1-10-1959). 21. Subs. by Act 1 of 1984, s. 13, for clause (l) (w.e.f. 15-2-1984). 22. Ins. by Act 39 of 1989, s. 53 and the Second Schedule (w.e.f. 25-10-1989). 23. Ins. by Act 58 of 1968, s. 2 (w.e.f. 1-2-1969). 24. Ins. by Act 1 of 1984, s. 13, (w.e.f. 15-2-1984). 25. Clause (nb) re-lettered as clause (nd) by Act 1 of 1984, s. 13 (w.e.f. 15-2-1984). 26. Clause (nc) re-lettered as clause (ne) by s. 13, ibid. (w.e.f. 15-2-1984). 27. Ins. by Act 33 of 1959, s. 2 (w.e.f. 1-10-1959). 28. Omitted by the A.O. 1950.