Power of Reserve Bank to appoint chairman of the Board of directors appointed on a whole-time basis or a managing director of a banking company

Q: When did Section 10BB of the Banking Regulation Act come into force?

Section 10BB of the Banking Regulation Act, cited as Banking Regulation Act 1949 10BB, came into force on 16 Mar 1949, having been enacted on 10 Mar 1949. It is in force as at the date shown on this page.

In force From 16 Mar 1949 Act 10 of 1949 As on 28 Oct 2026

Act 10 of 1949 Ministry Finance Enacted 10 Mar 1949 In force 16 Mar 1949 Cited by 1 provision

Section 10BB of the Banking Regulation Act, 1949 deals with power of Reserve Bank to appoint chairman of the Board of directors appointed on a whole-time basis or a managing director of a banking company. time basis or a managing director] of a banking company.--(1) Where the office of the [chairman of the Board of directors appointed on a whole-time basis or a managing director] of a banking company is vacant, the Reserve Bank may, if it is of opinion that the continuation of such vacancy is likely The Act came into force on 16 Mar 1949.

¹[10BB. Power of Reserve Bank to appoint ²[chairman of the Board of directors appointed on on a whole-time basis or a managing director] of a banking company.--(1) Where the office of the ²[chairman of the Board of directors appointed on a whole-time basis or a managing director] of a banking company is vacant, the Reserve Bank may, if it is of opinion that the continuation of such vacancy is likely to adversely affect the interests of the banking company, appoint a person, eligible under sub-section (4) of section 10B to be so appointed, to be the ²[chairman of the Board of directors appointed on a whole-time basis or a managing director] of the banking company and where the person so appointed is not a director of such banking company, he shall, so long as he holds the office of the ²[chairman of the Board of directors appointed on a whole-time basis or a managing director], be deemed to be a director of the banking company.
(2) The ²[chairman of the Board of directors appointed on a whole-time basis or a managing director] so appointed by the Reserve Bank shall be in the whole-time employment of the banking company and shall hold office for such period not exceeding three years, as the Reserve Bank may specify, but shall, subject to other provisions of this Act, be a eligible for reappointment.
(3) The ²[chairman of the Board of directors appointed on a whole-time basis or a managing director] so appointed by the Reserve Bank shall draw from the banking company such pay and allowances as the Reserve Bank may determine and may be removed from office only by the Reserve Bank.
(4) Save as otherwise provided in this section, the provisions of section 10B shall, as far as may be, apply to the ²[chairman of the Board of directors appointed on a whole-time basis or a managing director] appointed by the Reserve Bank under sub-section (1) as they apply to a ²[chairman of the Board of directors appointed on a whole- time basis or a managing director] appointed by the banking company]
Section 10BB, The Banking Regulation Act, 1949 (Act 10 of 1949).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

s. 10B Banking company to be managed by whole time chairman

Referred to by 1

s. 10D Provisions of sections 10A and 10B to override all other laws, contracts, etc

Questions about Section 10BB

What does Section 10BB of the Banking Regulation Act deal with?

Section 10BB of the Banking Regulation Act is headed "Power of Reserve Bank to appoint chairman of the Board of directors appointed on a whole-time basis or a managing director of a banking company". [10BB. Power of Reserve Bank to appoint [chairman of the Board of directors appointed on on a whole-time basis or a managing director] of a banking company.--(1) Where the office of the [chairman of the Board of directors appointed on a whole-time basis or a managing director] of a banking company i

How do I find court cases under Section 10BB of the Banking Regulation Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Banking Regulation Act 1949 10BB, section 10BB Banking Regulation Act 1949, section 10BB of the Banking Regulation Act. People searching for it also type section 10bb of banking regulation act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 10BB of the Banking Regulation Act, and has it changed?

Its own text turns on section 10B (Banking company to be managed by whole time chairman), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When did Section 10BB of the Banking Regulation Act come into force?

Section 10BB of the Banking Regulation Act, cited as Banking Regulation Act 1949 10BB, came into force on 16 Mar 1949, having been enacted on 10 Mar 1949. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 28 Oct 2026. This page is not a substitute for legal advice.