Amendments to Banking Regulation Act 1949 — Banking Laws (Amendment) Act 2012 – Applicability to private sector banks

The Government of India, Ministry of Finance, notified the Banking Law Amendments Act, 2012, vide Gazette Notification dated January 17, 2013. The Act contains certain amendments to the Banking Regulation Act, 1949 which may result into contradiction to the clauses of the Memorandum of Association (MoA) and Articles of Association (AoA) of the banks. By issuing a Notification on 23.10.2013, RBI reminds All Private Sector Banks that the amendments are binding and advises to make necessary amendments in the Memorandum of Association (MoA) and Articles of Association (AoA) of the banks to come under the purview of the Banking Law Amendments Act, 2012.

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