THE FOURTH SCHEDULE (See section 94)
Amendment to the reserve bank of
India act, 1934 (2
of 1934)
In the Reserve Bank of India Act, 1934, in section 58, in
sub-section (2), after clause (p), the following clause shall be inserted,
namely:-
"(pp) the regulation of fund transfer through
electronic means between the banks or between the banks and other
financial institutions referred to in clause (c) of section 45-1,
including the laying down of the conditions subject to which banks and
other financial institutions shall participate in such fund transfers, the
manner of such fund transfers and the rights and obligations of the
participants in such fund transfers;".