Section 32, Banning of Unregulated Deposit Schemes Act, 2019 [S29-93J]
As at 6 September 2026. In force from 4 June 2019.
32. Registration of borrowers.—(1) Every borrower shall, within thirty days from the commencement of this Act or, where such person begins the borrowing of money after such commencement, within thirty days from the date of such beginning, make an application for registration to the Reserve Bank in Form C, accompanied by a fee of ten 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 borrower shall carry on the borrowing of money unless registered under this section.
Defined terms in this text (2)
borrower: Schedule 2, Banning of Unregulated Deposit Schemes Act, 2019 [S2985T] (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.
Reserve Bank: Schedule 2, Banning of Unregulated Deposit Schemes Act, 2019 [S2985T] (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.
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