Section 45S(1) in The Reserve Bank of India Act, 1934
(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:Provided that nothing contained in this sub-section shall apply to the receipt of money by an individual by way of loan from any of his relatives or to the receipt of money by a firm by way of loan from the relative or relatives of any of the partners.
