Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
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 further to control the heights of the economy, to meet progressively, and serve better, the needs of the development of the economy and to promote the welfare of the people, in conformity with the policy of the State towards securing the principles laid down in clauses (b) and (c) of article 39 of the Constitution and for matters connected therewith or incidental thereto.
Chapter I: Preliminary
Chapter II: Transfer of the Undertakings of Existing Banks and Share Capitals of the Corresponding New Banks
Chapter III: Payment of Amount
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 Vacation of office of Chairman, etc
- 12A Bonus
- 13 Obligations as to fidelity and secrecy
- 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 Construction of references to existing banks
- 18 Dissolution
- 18A Supersession of Board in certain cases
- 19 Power to make regulations 2 judgments
- 20 [Repealed.]
- 21 Repeal and saving
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.