Section 2, International Monetary Fund and Bank Act, 1945 [S18-RAK]
As at 7 September 2026. In force from 25 October 1945.
2. Definitions.—In this Act, unless the context otherwise requires,— (a) "banking" means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise; (b) "Reserve Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934); (c) "financial institution" means a financial institution as defined in clause (c) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934); (d) "borrower" means any person who has been granted financial assistance by any bank or financial institution or who has given any guarantee or created any mortgage or pledge as security for the financial assistance granted; (e) "security interest" means right, title or interest of any kind upon property created in favour of a secured creditor; (f) "notification" means a notification published in the Official Gazette, and the expression "notified" shall be construed accordingly; (g) "prescribed" means prescribed by rules made under this Act.
Defined terms in this text (5)
banking: Section 2, International Monetary Fund and Bank Act, 1945 [S18RAK] (In this Act, unless the context otherwise requires,—): "banking" means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise
banking: 27 more definitions.
borrower: Section 2, International Monetary Fund and Bank Act, 1945 [S18RAK] (In this Act, unless the context otherwise requires,—): "borrower" means any person who has been granted financial assistance by any bank or financial institution or who has given any guarantee or created any mortgage or pledge as security for the financial assistance granted
borrower: 25 more definitions.
financial institution: Section 2, International Monetary Fund and Bank Act, 1945 [S18RAK] (In this Act, unless the context otherwise requires,—): "financial institution" means a financial institution as defined in clause (c) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934)
financial institution: 25 more definitions.
Reserve Bank: Section 2, International Monetary Fund and Bank Act, 1945 [S18RAK] (In this Act, unless the context otherwise requires,—): "Reserve Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934)
Reserve Bank: 24 more definitions.
security interest: Section 2, International Monetary Fund and Bank Act, 1945 [S18RAK] (In this Act, unless the context otherwise requires,—): "security interest" means right, title or interest of any kind upon property created in favour of a secured creditor
security interest: 17 more definitions.
Made under this section, or naming it (0)
none
Cited by (1)
Rule 2, International Monetary Fund and Bank Act Rules, 1947 [S19-4MX], 27 December 1947, Band A. " (2) Words and expressions used herein and not defined but defined in the Act shall have the meanings respectively assigned to them in the Act".
Not held (1)
"section 3 of the Reserve Bank of India Act, 1934"
Duties published under this section (0)
none