Section 20, International Monetary Fund and Bank Act, 1945 [S18-RWT]
As at 6 September 2026. In force from 25 October 1945.
20. Grant of licence.—(1) An application for a licence to undertake the enforcement of security interest shall be made to the Reserve Bank in Form A, accompanied by a fee of ten thousand rupees. (2) The Reserve Bank may, after making such inquiry as it thinks fit, grant the licence subject to such conditions as may be prescribed, or, for reasons to be recorded in writing, refuse to grant the licence. (3) A licence granted under this section shall be valid for a period of three years from the date of its grant and may be renewed in such manner as may be prescribed. (4) The Reserve Bank may, after giving the licensee an opportunity of being heard, suspend or cancel a licence for contravention of any condition thereof.
Defined terms in this text (2)
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)
Section 19, International Monetary Fund and Bank Act, 1945 [S18-RVM], 25 October 1945, Band A. "section 20".
Not held (0)
none
Duties published under this section (0)
none