Section 49A of The Banking Regulation Act, 1949: Restriction on acceptance of deposits withdrawable by cheque.

Restriction on acceptance of deposits withdrawable by cheque. – No person other than a banking company, the Reserve Bank, the State Bank of India or any other [banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank] shall accept from the public deposits of money withdrawable by cheque:
Provided that nothing contained in this section shall apply to any savings bank scheme run by the Government.

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