The Banking Regulation Act, 1949
Section 49A. Restriction on acceptance of deposits withdrawable by cheque.
1[49A. 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 2[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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