73. (1) Towards and you may pursuing the commencement in the Work, no enterprise should invite, take on otherwise replace deposits less than so it Act on the public except you might say given significantly less than this Chapter:

Provided that absolutely nothing within this sandwich-point should apply to a financial team and low-banking monetary team once the laid out throughout the Reserve Financial of Asia Act, 1934 (dos regarding 1934) also to such as for instance almost every other company as Main Government could possibly get, shortly after consultation on Put aside Bank off Asia, indicate in this behalf.

(2) A friends get, subject to the newest passage of a resolution generally speaking meeting and you may susceptible to eg legislation because could be recommended during the consultation that have the newest Set-aside Bank regarding India, undertake places from its users into such as for instance fine print, including the supply away from safety, or no, or this new cost of these dumps with focus, while the tends to be arranged involving the business and its members, at the mercy of brand new fulfillment of your after installment loan New Mexico the criteria, namely:-

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