Section 2, Banning of Unregulated Deposit Schemes Act, 2019 [S29-85T]
As at 6 September 2026. In force from 4 June 2019.
2. Definitions.—In this Act, unless the context otherwise requires,— (a) "banking" means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise; (b) "Reserve Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934); (c) "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); (d) "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; (e) "notification" means a notification published in the Official Gazette, and the expression "notified" shall be construed accordingly; (f) "prescribed" means prescribed by rules made under this Act.
Defined terms in this text (4)
banking: Schedule 2, Banning of Unregulated Deposit Schemes Act, 2019 [S2985T] (In this Act, unless the context otherwise requires,—): "banking" means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise
banking: 27 more definitions.
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.
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.
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)
Rule 2, Banning of Unregulated Deposit Schemes Act Rules, 2021 [S2A-FFA], 2 April 2021, Band A. " (2) Words and expressions used herein and not defined but defined in the Act shall have the meanings respectively assigned to them in the Act".
Not held (0)
none
Duties published under this section (0)
none