Important Sections in Reserve Bank of India Act 1934

• Section 17. Business which the Bank may transact.
• Section 18. Power of direct discount.
• Section 18A. Validity of loan or advance not to be questioned.
• Section 20. Deals with the Obligation of the Bank to transact Government business.
• Section 21. Bank to have the right to transact Government business in India.
• Section 21A. Bank to transact Government business of States on agreement
• Section 22. Exclusive Rights to issue bank notes in India.
• Section 23. The issue of bank notes shall be conducted by the Bank in an Issue Department which shall be separated and kept wholly distinct from the Banking Department
• Section 24. Denominations of notes.
• Section 25. Form of bank notes - The design, form the material of bank notes shall be such as may be approved by the Central Government after consideration of the recommendations made by the Central Board.
• Section 26. Legal tender character of notes.
• Section 26A. Certain bank notes to cease to be legal tender.
• Section 27. Re-issue of notes which are torn, defaced or excessively spoiled.
• Section 28. Recovery of notes lost, stolen, mutilated or imperfect.
• Section 28A. Issue of special bank notes and special one rupee notes in certain cases.
• Section 29. Bank exempt from stamp duty on bank notes Powers of Central Government to supersede Central Board.
• Section 30. Powers of Central Government to supersede Central Board.
• Section 31. Issue of demand bills and notes.
• Section 37. Suspension of assets requirements as to foreign securities.
• Section 38. Obligations of Government and the Bank in respect of rupee coin.
• Section 39. Obligation to supply different forms of currency.
• Section 40. Transactions in foreign exchange.
• Section 42. Cash reserves of scheduled banks to be kept with the Bank.
• Section 43. Publication of consolidated statement by the Bank.
• Section 45B. Power of Bank to collect credit information.
• Section 45C. Power to call for returns containing credit information.
• Section 45-IA. Requirement of registration and net owned fund.
• Section 45-IB. Maintenance of percentage of assets.
• Section 45-IC. Reserve fund.
• Section 45J. Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of money.
• Section 45JA. Power of Bank to determine policy and issue directions.
• Section 45K. Power of Bank to collect information from non-banking institutions as to deposits and to give directions.
• Section 45L. Power of Bank to call for information from financial institutions and to give directions.
• Section 45M. Duty of non-banking institutions to furnish statements, etc., required by Bank.
• Section 45MA. Powers and duties of auditors.
• Section 45MB. Power of Bank to prohibit acceptance of deposit and alienation of assets.
• Section 45ZA. Inflation target.
• Section 45ZB. Constitution of Monetary Policy Committee
• Section 45ZM. Monetary Policy Report.
• Section 46. Contribution by Central Government to the Reserve Fund.
• Section 58. Power of the Central Board to make regulations