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THE INFORMATION TECHNOLOGY ACT, 2000

AMENDMENT TO THE RESERVE BANK OF INDIA ACT, 1934 (2 OF 1934)
  Description
 

In the Reserve Bank of India Act, 1934, in section 58, in sub-section (2), after clause (p), the following clause shall be inserted, namely:-

"(pp) the regulation of fund transfer through electronic means between the banks or between the banks and other financial institutions referred to in clause

(c) of section 45-1, including the laying down of the conditions subject to which banks and other financial institutions shall participate in such fund transfers, the manner of such fund transfers and the rights and obligations of the participants in such fund transfers;".

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