45A. Definitions
45A. Definitions.—In this Chapter, unless the context otherwise requires,—
"banking company" means a banking company as defined in section 5 of the [Banking Regulation Act, 1949 (10 of 1949)] and includes the State Bank of India, [any subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), any corresponding new bank constituted by section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), and any other financial institution notified by the Central Government in this behalf];
"borrower" means any person to whom any credit limit has been sanctioned by any banking company, whether availed of or not, and includes—
in the case of a company or corporation, its subsidiaries;
in the case of a Hindu undivided family, any member thereof or any firm in which such member is a partner;
in the case of a firm, any partner thereof or any other firm in which such partner is a partner; and
in the case of an individual, any firm in which such individual is a partner;
"credit information" means any information relating to—
the amounts and the nature of loans or advances and other credit facilities granted by a banking company to any borrower or class of borrowers;
the nature of security taken from any borrower [or class of borrowers] for credit facilities [granted to him or to such class;]
the guarantee furnished by a banking company for any of its customers [or any class of its customers];
the means, antecedents, history of financial transactions and the creditworthiness of any borrower or class of borrowers;
any other information which the Bank may consider to be relevant for the more orderly regulation of credit or credit policy.
Amendment notes (6)
- Ins w.e.f. 1-9-1962 . Ins. by Act 35 of 1962, s. 6 (w.e.f. 1-9-1962).
- Subs w.e.f. 13-12-1974 . Subs. by Act 51 of 1974, s. 3, for "Banking Companies Act, 1949" (w.e.f. 13-12-1974).
- Subs w.e.f. 13-12-1974 . Subs. by s. 13, ibid., for "or any other banking or financial institution notified by the Central Government in this behalf" (w.e.f. 13-12-1974).
- Ins w.e.f. 13-12-1974 . Ins. by s. 13, ibid., (w.e.f. 13-12-1974).
- Subs w.e.f. 13-12-1974 . Subs. by s. 13, ibid., for "granted to him; and" (w.e.f. 13-12-1974).
- Ins w.e.f. 13-12-1974 Ins. by Act 51 of 1974, s. 13 (w.e.f. 13-12-1974).