Section 20(1)(b) in The Banking Regulation Act, 1949

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Union of India - Subsection

Section 20(1)(b) in The Banking Regulation Act, 1949

(b)enter into any commitment for granting any loan or advance to or on behalf of-

(i)any of its directors,

(ii)any firm in which any of its directors is interested as partner, manager, employee or guarantor, or

(iii)any company [not being a subsidiary of the banking company or a company registered under section 25 of the Companies Act, 1956 (1 of 1956), or a Government company of which [,or the subsidiary or the holding company ]of which any of the directors of the banking company is a director, managing agent, manager, employee or guarantor or in which he holds substantial interest, or

(iv)any individual in respect of whom any of its directors is a partner or guarantor.

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Union of India - Subsection

Section 20(1)(b) in The Banking Regulation Act, 1949