3. Establishment and incorporation of Reserve Bank
3. Establishment and incorporation of Reserve Bank.—(1) A bank to be called the Reserve Bank of India shall be constituted for the purposes of taking over the management of the currency from the [Central Government] and of carrying on the business of banking in accordance with the provisions of this Act.
(2)
The Bank shall be a body corporate by the name of the Reserve Bank of India, having perpetual succession and a common seal, and shall by the said name sue and be sued.
Amendment notes (2)
- Subs w.e.f. 1-1-1949 . Subs. by Act 62 of 1948, s. 7 and the Schedule, for "SHARE CAPITAL" (w.e.f. 1-1-1949).
- Subs . Subs. by the M.O. 1937, for "G.G. in C.".