Section 14A of The Banking Regulation Act

Here we will see Section 14A of The Banking Regulation Act.

14A. Prohibition of floating charge on assets. (1) Notwithstanding anything contained in section 6, no banking company shall create a floating charge on the undertaking or any property of the company or any part thereof, unless the creation of such floating charge is certified in writing by the Reserve Bank as not being detrimental to the interests of the depositors of such company.

(2) Any such charge created without obtaining the certificate of the Reserve Bank shall be invalid.

Image Product Feature Price
TOP Pick
Madhubani-Art
WallMantra Madhubani Painting
  • Set of 8 Ethnic Painting
  • Traditional Madhubani Art Painting
  • Madhubani Painting for Living Room
Buy Now
Trending
WallMantra-madhubani-folk-art-drawing
WallMantra Indian Folk Art Madhubani
  • Madhubani Art Frame Set of 6
  • Madhubani Painting for Living Room
  • Madhubani Painting for Office
Buy Now
TOP Pick
Tamatina-Madhubani-Art-Canvas-Painting
Tamatina Madhubani Art Canvas Painting
  • Madhubani Art Painting
  • Size-13X10 Inches
  • Face of Tradition
Buy Now

(3) Any banking company aggrieved by the refusal of a certificate under subsection (1) may, within ninety days from the date on which such refusal is communicated to it, appeal to the Central Government.

(4) The decision of the Central Government where an appeal has been perferred to it under subsection (3) or of the Reserve Bank where no such appeal has been preferred shall be final.

About Author: I am Varun Kr. Jha, founder and author of this website. I am a passionate writer and researcher with a keen interest in law, technologies and gadgets. I strive to provide informative and engaging content that helps my readers learn and grow. I am always looking for new ways to share my knowledge and insights with others.

Leave a Reply

Your email address will not be published. Required fields are marked *

5 − three =