Section 54, Banning of Unregulated Deposit Schemes Act, 2019 [S29-9S3]

As at 6 September 2026. In force from 4 June 2019.

In Banning of Unregulated Deposit Schemes Act, 2019 [A11-PAS]. This text from 4 June 2019. No other text held.

Synthetic. The words of this section are generated by the register; the title, number and year of the Act are real.

Cite: Section 54, Banning of Unregulated Deposit Schemes Act, 2019 [S29-9S3]. Machine: S29-9S3.

54. Prohibition of the business of a financial institution without licence.—No person shall undertake the business of a financial institution except under and in accordance with the conditions of a licence granted under section 55: Provided that nothing in this section shall apply to the business of a financial institution undertaken by or on behalf of the Central Government or a State Government.

Defined terms in this text (1)

financial institution: Schedule 2, Banning of Unregulated Deposit Schemes Act, 2019 [S2985T] (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.

Made under this section, or naming it (0)

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Cited by (0)

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Not held (0)

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Duties published under this section (0)

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