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Bare acts > Banking Regulation Act, 1949 > Section 49A
 
 
  

49A. Restriction on acceptance of deposits withdrawable by cheque. —No person other than a banking company, the Reserve Bank, the State Bank of India or any other banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank shall accept from the public deposits of money withdrawable by cheque:

Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.

 
 

 

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