BANKING AFFAIRS

Detailed explanation-1: -The Section 1(4)(c) of the Companies Act, 2013 expressly states that the Act is applicable to banking companies as well, to the extent that it is consistent with the Banking Regulation Act, 1949 .

Detailed explanation-2: -Companies Act 2013 is applicable to other sectors such as Banking companies, insurance companies, electricity companies etc. However, the act excludes these companies from its purview for some sections which are governed under the special acts under which these companies are formed.

Detailed explanation-3: -The Act provides a framework under which commercial banking in India is supervised and regulated. The Act supplements the Companies Act, 1956. Primary Agricultural Credit Society and cooperative land mortgage banks are excluded from the Act.

Detailed explanation-4: –(1) This Act may be called the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. Regulation Act, 1949 (10 of 1949), but defined in the Companies Act, 1956 (1 of 1956) shall have the meanings respectively assigned to them in the Companies Act, 1956.]

Detailed explanation-5: -CSR provisions of the Companies Act 2013 is applicable to every company registered under the Companies Act 2013 and any other previous companies law having i. Net worth of rupees five hundred crore or more, or ii. ii. Turnover of rupees one thousand crore or more or iii.