Section 4, Specified Bank Notes (Cessation of Liabilities) Act, 2017 [S28-2B3]
As at 7 September 2026. In force from 28 August 2017.
4. Registration of financials institution.—(1) Every financial institution shall, within seven days from the commencement of this Act or, where such person begins the business of a financial institution after such commencement, within seven days from the date of such beginning, make an application for registration to the Reserve Bank in Form B, accompanied by a fee of two thousand rupees. (2) The Reserve Bank shall, on being satisfied that the application is in order, register the applicant and issue a certificate of registration in such form as may be prescribed. (3) No financial institution shall carry on the business of a financial institution unless registered under this section.
Defined terms in this text (2)
financial institution: Section 2, Specified Bank Notes (Cessation of Liabilities) Act, 2017 [S28297] (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, Specified Bank Notes (Cessation of Liabilities) Act, 2017 [S28297] (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.
Made under this section, or naming it (1)
Notification S.O. 637(E), dated 24th May, 2021 [N12-KYM], 24 May 2021, in force. The text contains "section 4 of the said Act".
Cited by (2)
Section 33, Specified Bank Notes (Cessation of Liabilities) Act, 2017 [S28-381], 28 August 2017, Band A. "section 4".
Section 38, Specified Bank Notes (Cessation of Liabilities) Act, 2017 [S28-3DB], 28 August 2017, Band A. "section 4".
Not held (0)
none
Duties published under this section (1)
D12-1RD. Every financial institution: Apply for registration to the Reserve Bank in Form B, fee two thousand rupees; seven days from the commencement of the Act, or from beginning the activity; Form B. Published by Department of Financial Services, Ministry of Finance (synthetic record).