49A. [ Restriction on acceptance of deposits withdrawable by cheque. [Inserted by Act 33 of 1959, Section 35 (w.e.f. 1.10.1959).]
No person other than a banking company, the Reserve Bank, the State Bank of India or any other [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.
