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Under section 9, Usurious Loans Act, 1918 (1)
Text
Section 9, Usurious Loans Act, 1918 [S16-QNE]
As at 8 September 2026. In force from 14 January 1918.
9. Power to issue directions.—(1) The Reserve Bank may, by order in writing, direct any financial institution to take such measures in relation to the business of a financial institution as may be specified in the order, and such person shall comply with the direction within the period specified therein. (2) An order under sub-section (1) shall state the reasons on which it is made and shall be served on the person to whom it is addressed in such manner as may be prescribed.
Definitions recorded in this document
Synthetic definition. financial institution: Section 2, Usurious Loans Act, 1918 [S16QEX] (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)
Synthetic definition. Reserve Bank: Section 2, Usurious Loans Act, 1918 [S16QEX] (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)
Made under this section, or naming it (1)
Notification S.O. 3138(E) of the Department of Financial Services dated 7th January, 2017 under section 9 [N14-1JV], 7 January 2017, in force. Recital: "In exercise of the powers conferred by section 9 of the Usurious Loans Act, 1918 (10 of 1918), the Central Government hereby directs that the powers exercisable by it under section 9 shall, subject to its control, also be exercisable by the authorised officer"
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