law: Banking Regulation Act, 1949
  5. Interpretation
  In this Act], unless there is anything
  
  repugnant in the subject or context,-
  (a) "approved securities" means-
  (i) securities in
  
  which a trustee may invest money under clause (a), clause (b), clause (bb),
  
  clause (c) or clause (d) of section 20 of the Indian Trust Act, 1882 (2 of
  
  1882);
  (ii) such of the
  
  securities authorized by the Central Government under clause (f) of section 20
  
  of the Indian Trust Act, 1882 (2 of 1882), as may be prescribed];
  (b) "banking" means the accepting,
  
  for the purpose of lending or investment, of deposits of money from the public,
  
  repayable on demand or otherwise, and withdrawable by cheque, draft, order or
  
  otherwise.
  (c) "banking company" means any
  
  company which transacts the business of banking 11[in India ];
  Explanation: Any company which is engaged in the
  
  manufacture of goods or carries on any trade and which accepts deposits of
  
  money from the public merely for the purpose of financing its business as such
  
  manufacturer or trader shall not be deemed to transact the business of banking
  
  within the meaning of this clause;
  (ca) "banking policy" means any
  
  policy which is specified from time to time by the Reserve Bank in the interest
  
  of the banking system or in the interest of monetary stability or sound
  
  economic growth, having due regard to the interests of the depositors, the
  
  volume of deposits and other resources of the bank and the need for equitable
  
  allocation and the efficient use of these deposits and resources;]
  (CC) "branch" or "branch
  
  office", in relation to a banking company, means any branch or branch
  
  office, whether called a pay office or sub-pay office or by any other name, at
  
  which deposits are received, cheques cashed or moneys lent, and for the
  
  purposes of section 35 includes any place of business where any other form of
  
  business referred to in sub-section (1) of section 6 is transacted;]
  (d) "company" means any company as
  
  defined in section 3 of the Companies Act, 1956 (1 of 1956); and includes a
  
  foreign company within the meaning of section 591 of that Act;]
  (da) "corresponding new bank" means
  
  a corresponding new bank constituted under section 3 of the Banking Companies
  
  (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under
  
  section 3 of the Banking Companies (Acquisition and Transfer of Undertakings)
  
  Act, 1980 (40 of 1980);]
  (f) "demand liabilities" means
  
  liabilities which must be met on demand, and "time liabilities" means
  
  liabilities which are not demand liabilities;
  (ff) "Deposit Insurance Corporation"
  
  means the Deposit Insurance Corporation established under section 3 of the
  
  Deposit Insurance Corporation Act, 1961 (47 of 1961);]
  (ffa) "Development Bank" means the
  
  Industrial Development Bank of India established under section 3 of the
  
  Industrial Development Bank of India Act, 1964 (18 of 1964);
  (ffb) "Exim Bank" means
  
  Export-Import Bank of India established under section 3 of the Export-Import
  
  Bank of India Act, 1981 (28 of 1981);]
  (ffc) "Reconstruction Bank" means
  
  the Industrial Reconstruction Bank of India established under section 3 of the
  
  Industrial Reconstruction Bank of India Act, 1984 (62 of 1984);]
  (ffd) "National Housing Bank" means
  
  the National Housing Bank established under section 3 of the National Housing
  
  Bank Act, 1987;]
  (g) "gold" includes gold in the form
  
  of coin, whether legal tender or not, or in the form of bullion or ingot,
  
  whether refined or not;
  (gg) "managing agent" includes-
  (i) secretaries and
  
  treasurers,
  (ii) where the
  
  managing agent is a company, any director of such company, and any member
  
  thereof who holds substantial interest in such company,
  (iii) where the
  
  managing agent is a firm, any partner of such firm;]
  (h) "managing director", in relation
  
  to a banking company, means a Director who, by virtue of agreement with the
  
  banking company or of a resolution passed by the banking company in general
  
  meeting or by its Board of Directors or, by virtue of its memorandum or
  
  articles of association, is entrusted with the management of the whole, or
  
  substantially the whole of the affairs of the company, and includes a Director
  
  occupying the position of a Managing Director, by whatever name called:]
  PROVIDED that the Managing Director shall
  
  exercise his powers subject to the superintendence, control and direction of
  
  the Board of Directors;
  (ha) "National Bank" means the
  
  National Bank for Agriculture and Rural Development established under section 3
  
  of the National Bank for Agriculture and Rural Development Act, 1981 (61 of
  
  1981);
  (i) [* * *1
  (j) "prescribed" means prescribed by
  
  rules made under this Act;
  (ja) "regional rural bank" means a
  
  regional rural bank established under section 3 of the Regional Rural Banks
  
  Act, 1976 (21 of 1976);]
  (k) [* * *]
  (l) "Reserve Bank" means the Reserve
  
  Bank of India constituted under section 3 of the Reserve Bank of India Act,
  
  1934 (2 of 1934);]
  (m) 24[* * *]
  (n) "secured loan or advances" means
  
  a loan or advance made on the security of assets the market value of which is
  
  not at any time less than the amount of such loan or advance; and
  
  "unsecured loan or advance" means a loan or advance not so secured;
  (ni) "Small Industries Bank" means
  
  the Small Industries Development Bank of India established under s.
  
  3 of the Small Industries Development Bank of India Act, 1989;]
  (na) "small-scale industrial
  
  concern" means an industrial concern in which the investment in plant and
  
  machinery is not in excess of seven and a half lakh of rupees or such higher
  
  amount, not exceeding twenty lakhs of rupees, as the Central Government may, by
  
  notification in the Official Gazette, specify in this behalf, having regard to
  
  the trends in industrial development and other relevant factors;]
  (nb) "Sponsor Bank" has the meaning
  
  assigned to it in the Regional Rural Banks Act, 1976 (21 of 1976);
  (nc) "State Bank of India" means the
  
  State Bank of India constituted under section 3 of the State Bank of India Act,
  
  1955 (23 of 1955);]
  (nd)] "subsidiary bank" has the
  
  meaning assigned to it in the State Bank of India (Subsidiary Banks) Act,
  
  1959 (38 of 1959);
  [(ne)] "substantial interest:-
  (i) in relation to a
  
  company, means the holding of a beneficial interest by an individual or his
  
  spouse or minor child, whether singly or taken together in the shares thereof,
  
  the amount paid-up on which exceeds five lakhs of rupees or ten per cent of the
  
  paid-up capital of the company, whichever is less;
  (ii) in relation to a
  
  firm, means the beneficial interest held therein by an individual or his spouse
  
  or minor child, whether singly or taken together, which represents more than
  
  ten per cent of the total capital subscribed by all the partners of the said
  
  firm;
  [(o) all other words and expressions used
  
  herein but not defined and defined in the Companies Act, 1956 (1 of 1956),
  
  shall have the meanings respectively assigned to them in that Act.]
  (2) [* * *]