Section 16 in The Reserve Bank Of India General Regulations, 1949
16. Powers on behalf of the Bank by whom to be exercised .-(1) Subject to the provisions of the Act, any rules made by the Central Board in regard to expenditure to be incurred by or on behalf of the Bank and any directions, which may be given by the Governor either generally or in any particular case in regard to the conduct of the business of the Bank, the Deputy Governors and Executive Directors are hereby severally empowered to exercise any or all the powers and do any or all acts and things, which may be exercised or done by the Bank.
(2)Any other officer not below the rank of a Staff Officer Grade II may, if authorised and to the extent that he is so authorised by the Governor in this behalf, exercise all the powers in relation to matters pertaining to the department or office in which he is employed, and in relation to such matters, do all acts and things which may be exercised or done by the Bank, subject however to the conditions hereinafter specified, namely:-(a)the power to sanction or incur any expenditure on behalf of the Bank shall be subject to rules made by the Central Board;(b)any other power exercised or action taken shall be exercised or taken subject to such directions if any as may be given by any higher officer or authority in this behalf.(3)No power exercised, function performed or act or thing done shall be deemed to be invalid or ineffective only on the grained that it is not a power exercised, function performed, or act or thing done by or on behalf of the Bank or that in the exercise of such power, performance of such function or the doing of any such act or thing, effect has not been given to any rule or direction referred to in sub-regulation (1) or in sub-regulation (2), or that any such rule or direction has been wrongly acted upon.(4)Nothing in these regulations shall be deemed to render invalid or ineffective the powers exercised, functions performed or acts or things done in the course of carrying out the authorised business of the Bank by any authority or authorities prior to the coming into force of these regulations.
