Section 45S: Deposits not to be accepted in certain cases

Q: What does Section 45S of The Reserve Bank of India Act, 1934 (RBI Act) deal with?

Section 45S RBI Act pertains to "Deposits not to be accepted in certain cases". It is part of the The Reserve Bank of India Act, 1934, a legislation enacted by the Parliament of India. Section 45S of The Reserve Bank of India Act, 1934 (RBI Act) governs deposits not to be accepted in certain cases. As verified on 19 May 2026.

Q: Is Section 45S RBI Act still in force?

Yes, Section 45S of the The Reserve Bank of India Act, 1934 is currently in force across the Republic of India.

Q: What is धारा 45S RBI Act?

धारा 45S RBI Act is the Devanagari Hindi reference for Section 45S of the The Reserve Bank of India Act, 1934. Section 45S of The Reserve Bank of India Act, 1934 (RBI Act) governs deposits not to be accepted in certain cases. As verified on 19 May 2026.

Q: What is Dhara 45S RBI Act?

Dhara 45S RBI Act is the Roman Hindi reference for Section 45S of the The Reserve Bank of India Act, 1934. "Dhara" means "Section" in Hindi. Section 45S of The Reserve Bank of India Act, 1934 (RBI Act) governs deposits not to be accepted in certain cases. As verified on 19 May 2026.

Q: How to cite Section 45S of The Reserve Bank of India Act, 1934?

Cite as: "Section 45S, The Reserve Bank of India Act, 1934 (RBI Act)" in legal briefs. For academic writing, use the BlueBook format: The Reserve Bank of India Act, 1934, § 45S (India).

Law on Tips Editorial Board

(1)

No person, being an individual or a firm or an unincorporated association of individuals shall, accept any deposit—

(i) if his or its business wholly or partly includes any of the activities specified in clause (c) of section 45-I; or

(ii) if his or its principal business is that of receiving of deposits under any scheme or arrangement or in any other manner or lending in any manner:

(2)

Where any person referred to in sub-section (1) holds any deposit on the Ist day of April, 1997 which is not in accordance with sub-section (1), such deposit shall be repaid by that person immediately after such deposit becomes due for repayment or within three years from the date of such commencement, whichever is earlier:

Provided that if the Bank is satisfied on an application made by any person to the Bank that such person is unable to repay a part of the deposits for reasons beyond his control or such repayment shall cause extreme hardship to him, it may, by an order in writing, extend such period by a period not exceeding one year subject to such conditions as may be specified in the order.

(3)

on and from the date of Ist day of April, 1997, no person referred to in sub-section (1) shall issue or cause to be issued any advertisement in any form for soliciting deposit.

Explanation.— For the purposes of this section, a person shall be deemed to be a relative of another if, and only if,—

(i) they are members of a Hindu undivided family; or

(ii) they are husband and wife; or

(iii) the one is related to the other in the manner indicated in the List of Relatives below:—

(1)

Father,

(2)

Mother (including step-mother),

(3)

Son (including step-son),

(4)

Son’s wife,

(5)

Daughter (including step-daughter),

(6)

Father’s father,

(7)

Father’s mother,

(8)

Mother’s mother,

(9)

Mother’s father,

(10)

Son’s son,

(11)

Son’s son’s wife,

(12)

Son’s Daughter

(13)

Son’s Daughter’s husband,

(14)

Daughter’s husband,

(15)

Daughter’s son,

(16)

Daughter’s son’s wife,

(17)

Daughter’s daughter,

(18)

Daughter’s daughter’s husband.

(19)

Brother (including step-brother),

(20)

Brother’s wife,

(21)

Sister (including step-sister),

(22)

Sister’s husband.