Section 55, Banning of Unregulated Deposit Schemes Act, 2019 [S29-9T5]
As at 7 September 2026. In force from 4 June 2019.
55. 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 C, accompanied by a fee of two 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 (1)
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.
Made under this section, or naming it (0)
none
Cited by (1)
Schedule 54, Banning of Unregulated Deposit Schemes Act, 2019 [S29-9S3], 4 June 2019, Band A. "section 55".
Not held (0)
none
Duties published under this section (0)
none