RBI ACT, 1934 — Part VI

Chapter IIIB → Chapter III-F → Chapter IV

Continuing exactly from Section 45P. I’ll keep the exam lens ruthless: what the section does + what you must remember.

CHAPTER IIIB — REGULATION OF TRANSACTIONS IN DEPOSITS, ETC.

45P. Cognizance of offence.

45P — Repealed.

The Act states that Section 45P was repealed by the RBI (Amendment) Act, 1974, effective 13-12-1974.

Exam point:
👉 45P = Repealed.

45Q. Chapter IIIB to override other laws.

The provisions of Chapter IIIB will prevail over anything inconsistent with them contained in any other law or legal instrument currently in force.

Simple:
If another law conflicts with Chapter IIIB → Chapter IIIB wins.

Exam keyword: Overriding effect / notwithstanding clause.

45QA. Power of Company Law Board to order repayment of deposit.

45QA(1)

Every deposit accepted by an NBFC must be repaid according to its terms and conditions, unless the deposit is renewed.

Simple:
Deposit matured → NBFC must repay, unless renewed.

45QA(2)

If an NBFC fails to repay a deposit or part of it according to its terms, the Company Law Board may order the NBFC to repay it:

immediately, or
within a specified period,
subject to conditions specified in the order.

The Board may act:

on its own, or
on an application by the depositor.

It must be satisfied that repayment is necessary to protect:

the company,
depositors, or
public interest.

Proviso:
Before making the order, the Company Law Board may give the NBFC and other interested persons a reasonable opportunity of being heard.

Exam trap:
45QA = repayment of NBFC deposits through Company Law Board.

45QB. Nomination by depositors.

45QB(1)

Where a deposit with an NBFC is held in the name of one or more persons, the depositor(s) may nominate one person to whom the deposit may be returned on:

death of the sole depositor, or
death of all depositors.

The nomination must follow the manner prescribed by Central Government rules under Section 45ZA of the Banking Regulation Act, 1949.

45QB(2)

If a valid nomination exists, the nominee becomes entitled, on death of the depositor(s), to all rights relating to the deposit, to the exclusion of other persons, unless the nomination is varied/cancelled as prescribed.

Simple:
👉 Nominee gets the deposit-related rights after death, subject to variation/cancellation according to rules.

45QB(3)

If the nominee is a minor, the depositor can appoint another person to receive the deposit amount on the minor nominee’s behalf if the depositor dies while the nominee is still a minor.

45QB(4)

Payment by the NBFC according to this section gives the NBFC a full discharge of its liability regarding that deposit.

Proviso:
This does not destroy another person’s claim against the person who received the payment.

Simple:
NBFC pays correctly → NBFC’s liability ends.
But disputes between claimants can continue against the recipient.

45QB(5)

An NBFC need not accept any notice of claim from a person other than the person(s) in whose name the deposit stands.

Proviso:
If a competent court issues a:

decree,
order,
certificate, or
other authority

relating to the deposit, the NBFC must take due note of it.

Exam takeaway:
45QB = Nomination + minor nominee + full discharge + court orders.

CHAPTER III-C

PROHIBITION OF ACCEPTANCE OF DEPOSITS BY UNINCORPORATED BODIES

45R. Interpretation.

Words/expressions used in Chapter III-C that are defined in Chapter IIIB have the same meanings here.

Simple:
👉 Definitions of Chapter IIIB carry forward into Chapter III-C.

45S. Deposits not to be accepted in certain cases.

45S(1)

An individual, firm or unincorporated association of individuals cannot accept deposits if:

45S(1)(i)
Its business wholly or partly includes activities specified in Section 45-I(c).

45S(1)(ii)
Its principal business is:

receiving deposits under a scheme/arrangement/otherwise, or
lending money in any manner.

Proviso to 45S(1)

The prohibition does not apply to:

an individual receiving a loan from his relatives; or
a firm receiving a loan from the relative(s) of its partners.

Core idea:
👉 Unincorporated money-lending/deposit-taking businesses are restricted, but genuine family loans are carved out.

45S(2)

If such a person already held a prohibited deposit on 1 April 1997, it must be repaid:

when the deposit becomes due, OR
within 3 years from commencement,

whichever is earlier.

Proviso to 45S(2)

RBI may extend the repayment period by not more than 1 year if:

the person cannot repay part of the deposit for reasons beyond their control, or
repayment would cause extreme hardship.

Extension is by written order and can carry conditions.

Exam number:
👉 Original transition = 3 years
👉 RBI extension = maximum 1 additional year

45S(3)

From 1 April 1997, such persons cannot issue or cause to be issued any advertisement in any form soliciting deposits.

Explanation to 45S — “Relative”

A person is a relative of another only if:

45S Explanation(i)
They are members of a Hindu Undivided Family.

45S Explanation(ii)
They are husband and wife.

45S Explanation(iii)
They fall within the specified list of relatives.

List of relatives

Father
Mother, including step-mother
Son, including stepson
Son’s wife
Daughter, including step-daughter
Father’s father
Father’s mother
Mother’s mother
Mother’s father
Son’s son
Son’s son’s wife
Son’s daughter
Son’s daughter’s husband
Daughter’s husband
Daughter’s son
Daughter’s son’s wife
Daughter’s daughter
Daughter’s daughter’s husband
Brother, including stepbrother
Brother’s wife
Sister, including stepsister
Sister’s husband.

Exam trap:
Don’t loosely interpret “relative.” Section 45S gives a specific statutory list.

45T. Power to issue search warrants.

45T(1)

A court having jurisdiction to issue a search warrant under the Code of Criminal Procedure, 1973 may issue a warrant to search for documents relating to acceptance of deposits in violation of Section 45S.

Application can be made by:

an RBI officer, or
an authorised State Government officer,

who states that they believe the documents are secreted/concealed within the court’s jurisdiction.

45T(2)

The warrant is executed in the same manner and has the same effect as a search warrant under the CrPC, 1973.

Memory hook:
45S = prohibited deposits
45T = search warrant for evidence of 45S violation.

CHAPTER III-D

REGULATION OF TRANSACTIONS IN DERIVATIVES, MONEY MARKET INSTRUMENTS, SECURITIES, ETC.

45U. Definitions.

45U(a) — Derivative

A derivative is an instrument settled at a future date whose value derives from changes in:

interest rate,
foreign exchange rate,
credit rating,
credit index,
price of securities (underlying), or
combination of these.

Includes:

interest-rate swaps,
forward-rate agreements,
foreign-currency swaps,
foreign-currency-rupee swaps,
foreign-currency options,
foreign-currency-rupee options,
other instruments specified by RBI.

Simple:
Derivative = value depends on some underlying variable.

45U(b) — Money market instruments

Includes:

call money,
notice money,
term money,
repo,
reverse repo,
certificate of deposit,
commercial usance bill,
commercial paper,
other debt instruments having original/initial maturity up to 1 year, as RBI specifies.

Exam number:
👉 Money-market maturity benchmark here = up to 1 year.

45U(c) — Repo

Borrowing funds by:

selling securities, and
agreeing to repurchase them later

at an agreed price that includes interest on the borrowed funds.

Repo = borrowing.

45U(d) — Reverse repo

Lending funds by:

purchasing securities, and
agreeing to resell them later

at an agreed price including interest on the funds lent.

Reverse repo = lending.

45U(e) — Securities

Includes:

Central Government securities,
State Government securities,
specified local-authority securities.

For repo/reverse repo, it also includes:

corporate bonds,
debentures.

45V. Transactions in derivatives.

45V(1)

Despite anything in the Securities Contracts (Regulation) Act, 1956 or another law, specified derivative transactions are valid if at least one party is:

RBI,
scheduled bank, or
another agency falling under RBI’s regulatory jurisdiction under specified laws, as RBI specifies.

Simple:
👉 For RBI-specified derivatives, validity is protected when one party is a qualifying regulated entity.

45V(2)

Derivative transactions that RBI had specified from time to time are deemed to have always been valid, as though 45V(1) had been in force throughout the relevant period.

Exam word: Retrospective validation.

45W. Power to regulate transactions in derivatives, money market instruments, etc.

45W(1)

RBI may, in:

public interest, or
to regulate India’s financial system to its advantage,

determine policy relating to interest rates or interest-rate products and issue directions to agencies dealing in:

securities,
money-market instruments,
foreign exchange,
derivatives,
similar instruments specified by RBI.

Proviso to 45W(1)

RBI directions cannot concern the procedure for execution or settlement of trades relating to transactions on recognised Stock Exchanges under the SCRA.

45W(2)

RBI can:

call for information/statements/particulars from these agencies; and
cause their inspection.

Memory:
45W = RBI regulates + asks information + inspects.

45X. Duty to comply with directions and furnish information.

Every director/member/body managing the affairs of agencies covered by 45W must:

comply with RBI directions; and
provide the information/statements/particulars called for under 45W.

45W = RBI’s power.
45X = regulated entity’s duty.

CHAPTER III-E

JOINT MECHANISM

45Y. Joint Mechanism.

45Y(1)

If there is a difference of opinion about whether a particular hybrid/composite financial instrument falls within the jurisdiction of RBI, SEBI, IRDAI or PFRDA, the matter is referred to a Joint Committee.

The issue can concern:

45Y(1)(i)
Instruments defined under Section 45U:

derivative,
money-market instrument,
repo,
reverse repo,
securities.

45Y(1)(ii)
Insurance policies or specified securities/instruments under the SCRA.

Joint Committee composition

45Y(1)(a) Union Finance Minister — Chairperson

45Y(1)(b) RBI Governor — Vice-Chairperson

45Y(1)(c) Secretary, Department of Economic Affairs — Member

45Y(1)(d) Secretary, Department of Financial Services — Member

45Y(1)(e) Chairperson, IRDAI — Member

45Y(1)(f) Chairman, SEBI — Member

45Y(1)(g) Chairperson, PFRDA — Member.

Exam favourite:
👉 Finance Minister = Chairperson
👉 RBI Governor = Vice-Chairperson

45Y(2)

Secretary, Department of Financial Services = Convener of Joint Committee meetings.

45Y(3)

Any member referred to in 45Y(1)(b), (e), (f) or (g) may refer the difference of opinion to the Joint Committee.

45Y(4)

Joint Committee:

follows its own appropriate procedure;
must give its decision to the Central Government within 3 months from the reference.

45Y(5)

The Joint Committee’s decision is binding on:

RBI,
SEBI,
IRDAI,
PFRDA.

Number to tattoo:
👉 3 months for decision.

CHAPTER III-F

MONETARY POLICY

45Z. Provisions of this Chapter to override other provisions of Act.

Chapter III-F prevails over anything inconsistent in other provisions of the RBI Act.

45Q: Chapter IIIB overrides other laws.
45Z: Chapter III-F overrides other provisions of this Act.

Don’t confuse them.

45ZA. Inflation target.

45ZA(1)

Central Government, in consultation with RBI, determines the inflation target in terms of Consumer Price Index (CPI) once every 5 years.

45ZA(2)

After determining it, Central Government must notify the inflation target in the Official Gazette.

Exam:
👉 Who determines? Central Government
👉 Consultation? RBI
👉 Measure? CPI
👉 Frequency? Every 5 years

45ZB. Constitution of Monetary Policy Committee.

45ZB(1)

Central Government may constitute, by Official Gazette notification, the Monetary Policy Committee (MPC) of RBI.

45ZB(2) — Composition

Total = 6 members

(a) RBI Governor — Chairperson, ex officio

(b) Deputy Governor in charge of Monetary Policy — Member, ex officio

(c) One RBI officer nominated by Central Board — Member, ex officio

(d) Three persons appointed by Central Government — Members.

45ZB(3)

MPC determines the Policy Rate required to achieve the inflation target.

45ZB(4)

MPC decision is binding on RBI.

Must know:
MPC = 6
RBI side = 3
Government-appointed = 3

45ZC. Eligibility and selection of Members appointed by Central Government.

45ZC(1)

Government-appointed MPC members must have:

ability,
integrity,
standing,
knowledge and experience in:
- economics, or
- banking, or
- finance, or
- monetary policy.

Proviso — disqualifications

A person cannot be appointed if:

45ZC(1)(i)
Already 70 years old on appointment date.

(ii)
Member of any RBI Board/Committee.

(iii)
Employee of RBI.

(iv)
Public servant as defined under Section 21 IPC.

(v)
Member of Parliament or State Legislature.

(vi)
Has ever been adjudged insolvent.

(vii)
Convicted of an offence punishable with imprisonment of 180 days or more.

(viii)
Physically or mentally incapable of performing MPC duties.

(ix)
Has material conflict of interest with RBI and cannot resolve it.

Exam numbers:
👉 Age = 70 years
👉 Conviction threshold = 180 days

45ZC(2)

Government appoints the 3 external MPC members based on recommendations of a Search-cum-Selection Committee consisting of:

(a) Cabinet Secretary — Chairperson

(b) RBI Governor or representative not below Deputy Governor — Member

(c) Secretary, Department of Economic Affairs — Member

(d) Three experts in economics/banking/finance/monetary policy nominated by Central Government — Members.

45ZC(3)

The Search-cum-Selection Committee follows the procedure prescribed by the Central Government.

45ZD. Terms and conditions of appointment of MPC Members.

45ZD(1)

Government-appointed MPC members:

term = 4 years
not eligible for reappointment.

45ZD(2)

Terms and conditions are prescribed by Central Government.

But remuneration and other allowances are specified through regulations made by the Central Board.

45ZD(3)

A member can resign before tenure ends by giving Central Government at least 6 weeks’ written notice.

He ceases to be a member once the Central Government accepts the resignation.

Numbers:
👉 Term = 4 years
👉 Resignation notice = 6 weeks
👉 No reappointment.

45ZE. Removal of MPC Members.

45ZE(1)

Central Government may remove a Government-appointed MPC member if:

(a) insolvent or previously adjudged insolvent;

(b) physically/mentally incapable;

(c) convicted of offence involving moral turpitude, in CG’s opinion;

(d) failed to adequately disclose material conflict of interest at appointment;

(e) absent from 3 consecutive MPC meetings without prior leave;

(f) acquired financial/other interest likely to prejudicially affect functions;

(g) acquired a post covered by 45ZC(1) proviso clauses (ii), (iii), (iv), (v);

(h) abused position such that continuation is detrimental to public interest.

45ZE(2)

For removal under (d), (e), (f), (g), or (h), the member must receive a reasonable opportunity of being heard.

Exam trap:
Opportunity of hearing is specifically tied to d/e/f/g/h, not every ground.

45ZF. Vacancies etc. not to invalidate MPC proceedings.

An MPC act/proceeding is not invalid merely because of:

45ZF(a) vacancy or defect in constitution;

45ZF(b) defect in appointment of a person acting as member;

45ZF(c) procedural irregularity that does not affect merits.

Simple:
👉 Technical defects don’t automatically kill MPC decisions.

45ZG. Secretary to MPC.

45ZG(1)

RBI appoints a Secretary to MPC to provide secretariat support.

45ZG(2)

Secretary performs functions in the manner specified by Central Board regulations.

45ZH. Information for MPC Members.

45ZH(1)

RBI must provide MPC members all information relevant to achieving the inflation target.

45ZH(2)

Any MPC member may request additional information at any time, including:

data,
models,
analysis.

45ZH(3)

RBI must provide requested information within reasonable time unless:

(a) it concerns an entity/person and isn’t publicly available; or

(b) it identifies an entity/person and isn’t publicly available.

45ZH(4)

Information supplied by RBI to one MPC member must be supplied to all MPC members.

Very important principle:
👉 No selective information advantage among MPC members.

45ZI. Meetings of MPC.

45ZI(1)

MPC must have at least 4 meetings a year.

45ZI(2)

Annual meeting schedule must be published at least 1 week before the first meeting of that year.

45ZI(3)

Schedule can change only:

(a) by prior MPC decision; OR

(b) if Governor considers an additional/rescheduled meeting necessary due to administrative exigencies.

45ZI(4)

Any schedule change must be published as soon as practicable.

45ZI(5) — Quorum

Quorum = 4 members.

At least one must be:

Governor, or
in Governor’s absence, Deputy Governor who is MPC member.

45ZI(6)

Meeting chaired by:

Governor; or
in his absence, MPC Deputy Governor.

45ZI(7)

Each MPC member has one vote.

45ZI(8)

Decision = majority of members present and voting.

If votes are equal → Governor has second/casting vote.

45ZI(9)

Central Government may convey its views in writing to MPC from time to time.

45ZI(10)

Vote of each member on a proposed resolution must be recorded against that member.

45ZI(11)

Each member must write reasons for voting for or against the proposed resolution.

45ZI(12)

Procedure, conduct, confidentiality code and incidental matters are governed by Central Board regulations.

45ZI(13)

MPC proceedings are confidential.

Must-memorise 45ZI:

4 meetings — 1 week — quorum 4 — 1 vote each — majority — Governor casting vote.

45ZJ. Steps to implement MPC decision.

45ZJ(1)

RBI must publish a document explaining the steps it will take to implement MPC decisions, including changes.

45ZJ(2)

Content and publication frequency are prescribed by Central Board regulations.

45ZK. Publication of decisions.

After every MPC meeting, RBI must publish the resolution adopted by MPC.

45ZL. Publication of proceedings of MPC meeting.

RBI must publish MPC meeting minutes on the 14th day after every meeting.

Minutes must include:

45ZL(a) Resolution adopted.

45ZL(b) Vote of each member, attributed to that member.

45ZL(c) Statement of each member giving reasons for their vote.

⚠️ Source-text issue: the PDF’s cross-reference in clause (c) says “sub-section (11) of section 45ZL,” but the voting-reasons provision is actually numbered 45ZI(11) in the preceding text. I am preserving the PDF’s wording rather than silently correcting it.

Exam essence:
👉 14th day = MPC minutes.

45ZM. Monetary Policy Report.

45ZM(1)

RBI must publish a Monetary Policy Report once every 6 months.

It explains:

(a) sources of inflation;

(b) inflation forecasts for 6–18 months from publication date.

45ZM(2)

Form and contents are specified by Central Board regulations.

Numbers:
👉 Report = 6 months
👉 Forecast horizon = 6–18 months

45ZN. Failure to maintain inflation target.

If RBI fails to meet the inflation target, it must report to the Central Government:

45ZN(a) reasons for failure;

45ZN(b) remedial actions proposed;

45ZN(c) estimated time needed to achieve the inflation target after timely implementation of remedial actions.

Explanation

Factors constituting “failure” are determined by Central Government notification in Official Gazette.

Simple:
Miss target → RBI doesn’t just say “oops.”
It must explain why + what corrective action + by when target will be achieved.

45ZO. Power to make rules.

45ZO(1)

Central Government may make rules, by Official Gazette notification, to carry out Chapter III-F.

45ZO(2)

Rules may specifically provide for:

45ZO(2)(a) procedure of Search-cum-Selection Committee under 45ZC(3);

45ZO(2)(b) terms and conditions of appointment of MPC members under 45ZD(2), except remuneration and allowances;

45ZO(2)(c) any other matter to be prescribed by Central Government rules.

CHAPTER IV — GENERAL PROVISIONS

46. Contribution by Central Government to Reserve Fund.

Central Government must transfer rupee securities worth ₹5 crore to RBI.

RBI allocates them to the Reserve Fund.

Exam number: ₹5 crore.

46A. Contribution to National Rural Credit Funds.

RBI must contribute every year such sums as it considers necessary and feasible to:

National Rural Credit (Long Term Operations) Fund
National Rural Credit (Stabilisation) Fund

These funds are established and maintained by NABARD under Sections 42 and 43 of the NABARD Act, 1981.

46B.

Omitted.

Omitted by the NABARD Act, 1981, effective 12-07-1982.

Exam:
👉 46B = Omitted.

46C. National Industrial Credit (Long Term Operations) Fund.

46C(1)

RBI must establish and maintain the National Industrial Credit (Long Term Operations) Fund.

Amount credited:

46C(1)(a) Initial contribution = ₹10 crore by RBI.

46C(1)(b) Further sums contributed annually by RBI.

First proviso to 46C(1)(b)

For each of the five years beginning with the year ending 30 June 1965, annual contribution could not be less than ₹5 crore.

Second proviso

Central Government could, if circumstances required, authorise RBI to reduce the ₹5 crore amount in any year.

46C(2)

Fund can be used only for specified purposes.

46C(2)(a) and (b) are omitted.

The PDF records that they previously concerned loans/investments involving the Development Bank.

46C(2)(c)
Loans and advances to:

Exim Bank,
Reconstruction Bank,
Small Industries Bank,
National Bank for Financing Infrastructure and Development (NaBFID),
other development financial institutions,

for their business, as applicable.

46C(2)(d)
Purchase of bonds and debentures issued by:

Exim Bank,
Reconstruction Bank,
Small Industries Bank,
NaBFID,
other development financial institutions.

Exam idea:
46C = industrial credit fund used for specified development financial institutions.

46D. National Housing Credit (Long Term Operations) Fund.

46D(1)

RBI must establish and maintain the National Housing Credit (Long Term Operations) Fund.

Every year, RBI credits whatever sums it considers necessary.

46D(2)

Fund can be used only for:

46D(2)(a)
Loans and advances to National Housing Bank for any of its business.

46D(2)(b)
Purchase of bonds and debentures issued by National Housing Bank.

47. Allocation of surplus profits.

After providing for:

bad and doubtful debts,
depreciation of assets,
contributions to staff and superannuation funds,
other matters required under RBI Act,
matters normally provided for by bankers,

the balance of profits is paid to the Central Government.

Simple:
👉 RBI’s remaining surplus after required provisions → Central Government.

48. Exemption of Bank from income-tax and super-tax.

48(1)

Despite the Income-tax Act, 1961 or any other law concerning income-tax/super-tax, RBI is not liable to pay income-tax or super-tax on its income, profits or gains.

The PDF shows the former proviso and sub-section (2) as omitted.

Exam:
👉 RBI = statutory exemption from income-tax/super-tax under Section 48.

49. Publication of bank rate.

RBI must periodically make public the standard rate at which it is prepared to:

buy, or
rediscount

eligible bills of exchange or other commercial paper under the Act.

Simple:
👉 Section 49 = Bank Rate publication.

50. Auditors.

50(1)

At least 2 auditors must be appointed.

Their remuneration is fixed by the Central Government.

50(2)

Auditors hold office for a term of not more than 1 year, as fixed by Central Government.

They are eligible for reappointment.

Numbers:
👉 Minimum auditors = 2
👉 Maximum term = 1 year
👉 Reappointment = Yes

51. Appointment of special auditors by Government.

Without prejudice to Section 50, Central Government may at any time appoint the Comptroller and Auditor-General to examine and report upon RBI’s accounts.

Simple:
Regular audit ≠ special audit.
Section 51 gives CG a special audit power through CAG.

52. Powers and duties of auditors.

52(1)

Every auditor must receive:

annual balance sheet,
access to accounts and vouchers,
list of all books maintained by RBI.

Auditor has reasonable-time access to:

books,
accounts,
other documents.

Auditor may, at RBI’s expense, employ accountants/others to assist in investigating accounts and may examine any RBI Director or officer regarding those accounts.

Simple:
Auditor gets broad access to RBI’s financial records.

52(2)

Auditors report to the Central Government on annual balance sheet and accounts.

They must state whether, in their opinion:

balance sheet is full and fair;
it contains all necessary particulars;
it is properly prepared;
it shows a true and correct view of RBI’s affairs.

If auditors asked the Central Board for explanations/information, they must also state:

whether it was provided; and
whether it was satisfactory.

🔥 RBI Grade B — High-Yield Memory Sheet

Section	One-line memory
45P	Repealed
45Q	Chapter IIIB overrides inconsistent laws
45QA	Company Law Board → repayment of NBFC deposits
45QB	Nomination by NBFC depositors
45R	IIIB definitions apply to III-C
45S	Certain unincorporated bodies cannot accept deposits
45T	Search warrants for 45S violations
45U	Derivative / money market / repo / reverse repo / securities definitions
45V	Validity of specified derivatives
45W	RBI regulates derivatives/money market etc.
45X	Agencies must comply with RBI directions
45Y	Joint mechanism for regulatory jurisdiction disputes
45Z	Chapter III-F overrides inconsistent RBI Act provisions
45ZA	Inflation target — CG + RBI consultation + CPI + 5 years
45ZB	MPC = 6 members
45ZC	Eligibility/selection of 3 CG-appointed MPC members
45ZD	4-year term; no reappointment
45ZE	Removal of CG-appointed MPC members
45ZF	Defects/vacancies don’t automatically invalidate MPC proceedings
45ZG	MPC Secretary
45ZH	Information to MPC members
45ZI	MPC meetings, quorum, voting
45ZJ	RBI implementation document
45ZK	Publish MPC resolution
45ZL	Minutes on 14th day
45ZM	Monetary Policy Report every 6 months
45ZN	Failure to meet inflation target → report to CG
45ZO	CG rule-making power
46	₹5 crore securities to Reserve Fund
46A	Rural Credit Funds
46B	Omitted
46C	National Industrial Credit Fund
46D	National Housing Credit Fund
47	Surplus profits → Central Government
48	RBI exempt from income-tax/super-tax
49	Publication of Bank Rate
50	At least 2 auditors
51	CAG special audit
52	Auditor powers/duties

Next sequential block: Sections 53 onward — Government/RBI reporting, returns, miscellaneous powers and the remaining General Provisions.