Section 4, Bilateral Netting Qualified Financial Contracts Act, 2020 [S29-V6T]
As at 7 September 2026. In force from 16 March 2020.
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, Bilateral Netting Qualified Financial Contracts Act, 2020 [S29V4Y] (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, Bilateral Netting Qualified Financial Contracts Act, 2020 [S29V4Y] (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 (4)
Circular of the Department of Financial Services dated 11th August, 2026 on section 4 of the Bilateral Netting Qualified Financial Contracts Act, 2020 [C10-K55], 11 August 2026, in force. The text contains "section 4 of the Bilateral Netting Qualified Financial Contracts Act, 2020 (30 of 2020)".
Notification S.O. 466(E), dated 27th January, 2025 [N12-P89], 27 January 2025, in force. The text contains "section 4 of the said Act".
Notification S.O. 1860(E), dated 20th March, 2023 [N12-N1Q], 20 March 2023, in force. The text contains "section 4 of the said Act".
Notification S.O. 1380(E), dated 6th April, 2022 [N12-MHP], 6 April 2022, in force. The text contains "section 4 of the said Act".
Cited by (2)
Section 29, Bilateral Netting Qualified Financial Contracts Act, 2020 [S29-VZD], 16 March 2020, Band A. "section 4".
Section 34, Bilateral Netting Qualified Financial Contracts Act, 2020 [S29-W42], 16 March 2020, Band A. "section 4".
Not held (0)
none
Duties published under this section (1)
D12-3XF. 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).