The Reserve Bank of India Act

Establishment and incorporation of Reserve Bank

Capital of the Bank

[Omitted.]

Offices, branches and agencies

Management

Composition of the Central Board, and term of office of Directors

Local Boards, their constitution and functions

Disqualifications of Directors and members of Local Boards

Removal from and vacation of office

Casual vacancies and absences

Meetings of the Central Board

Business which the Bank may transact

Power of direct discount

Validity of loan or advance not to be questioned

Business which the Bank may not transact


INCORPORATION, CAPITAL, MANAGEMENT AND BUSINESS 


1[3. Establishment and incorporation of Reserve Bank.--(1) A bank to be called the Reserve Bank
of India shall be constituted for the purposes of taking over the management of the currency from the
2[Central Government] and of carrying on the business of banking in accordance with the provisions of
this Act.

(2) The Bank shall be a body corporate by the name of the Reserve Bank of India, having perpetual
succession and a common seal, and shall by the said name sue and be sued. 

LAWGIST

# 3 Establishment and incorporation of Reserve Bank