Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order to control the heights of the economy and to meet progressively, and serve better, the needs of development of the economy in conformity with national policy and objectives and for matters connected therewith or incidental thereto.
Chapter I: Preliminary
- 1 Short title and commencement
- 2 Definitions 2 judgments
Chapter II: Transfer of the Undertakings of Existing Banks and Share Capitals of the Corresponding New Banks
Chapter III: Payment of Compensation
Chapter IV: Management of Corresponding New Banks
Chapter V: Miscellaneous
- 10 Closure of accounts and disposal of profits
- 10A Annual general meeting
- 10B Transfer of unpaid or unclaimed money
- 11 Corresponding new bank deemed to be an Indian company
- 12 Removal of Chairman from office 2 judgments
- 12A Bonus
- 13 . Obligations as to fidelity and secrecy 1 judgment
- 14 Custodian to be public servant
- 15 Certain defects not to invalidate acts or proceedings
- 16 Indemnity
- 16A Arrangement with corresponding new bank on appointment of directors to prevail
- 17 References to existing banks on and from the commencement of this Act.—
- 18 Dissolution
- 18A Supersession of Board in certain cases
- 19 Power to make regulations 11 judgments
- 20 Amendment of certain enactments
- 21 Repeal and savings
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.