Section 58(2) in The Reserve Bank of India Act, 1934
(2)In particular without prejudice to the generality of the foregoing provision, such regulations may provide for all or any of the following matters, namely:—***(f)the manner in which the business of the Central Board shall be transacted, and the procedure to be followed at meetings thereof;(g)the conduct of business of Local Boards and the delegation to such Boards of powers and functions;(h)the delegation of powers and functions of the Central Board to Deputy Governors, Directors or officers of the Bank;(i)the formation of Committees of the Central Board, the delegation of powers and functions of the Central Board to such Committees, and the conduct of business in such Committees;(j)the constitution and management of staff and superannuation funds for the officers and servants of the Bank;(k)the manner and form in which contracts binding on the Bank may be executed;(l)the provision of an official seal of the Bank and the manner and effect of its use;(m)the manner and form in which the balance-sheet of the Bank shall be drawn up and in which the accounts shall be maintained;(n)the remuneration of Directors of the Bank;(o)the relations of the scheduled banks with the Bank and the returns to be submitted by the scheduled banks to the Bank;(p)the regulation of clearing-houses for the the banks (including post office savings banks);(pp)the regulation of fund transfer through electronic means between the banks or between the banks and other financial institutions referred to in clause (c) of section 45-I, including the laying down of the conditions subject to which banks and other financial institutions shall participate in such fund transfers, the manner of such fund transfers and the rights and obligations of the participants in such fund transfers;(q)the circumstances in which, and the conditions and limitations subject to which, the value of any lost, stolen, mutilated or imperfect currency note of the Government of India or bank note may be refunded; and(r)generally, for the efficient conduct of the business of the Bank.
