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Main objects of a Bank

HomeMain objects of a Bank
  1. To do all kinds of banking business at one or more places in India and abroad.
  2. To engage in any one or more of the following forms of business :-

a) The borrowing, raising or taking up of money.

b) The lending or advancing of money either upon or without security.

c) The drawing, making, accepting, discounting, buying, selling, collection and dealing in bills of exchange, hundies, promissory notes, coupons, drafts, bills of lading, Railway receipts, warrants, debentures, certificates, scrips and other instruments, and securities whether transferable or negotiable or not.

d) The granting and issuing of letters of credit, travellers cheques and circular notes.

e) The buying and selling of and dealing in bullion and specie.

f) The buying and selling of foreign exchange including foreign bank notes.

g) The acquiring, holding, issuing on commission, underwriting and dealing in stock, bonds, obligations, securities and investments of all kinds.

h) The purchasing and selling of bonds, scrips or other forms of securities on behalf of constituents or others

i) The negotiating of loans and advances.

j) The receiving of all kinds of bonds, scrips or valuables on deposit or for safe custody or otherwise.

k) The providing of safe deposit vaults.

l) The collecting and transmitting of money and securities.

  1. Acting as agent for any government or local authority or any other person or persons, the carrying on of agency business of any description including the clearing and forwarding of goods, giving of receipts and discharges and otherwise acting as an attorney on behalf of customers but excluding the business of Managing Agent or Secretary and Treasurer of a company.
  2. Contracting for public and private loans and negotiating and issuing the same.
  3. Effecting, insuring, guaranteeing, underwriting, participating in, managing and carrying out of any issue, public or private, of state, municipal or other loans or of shares, stocks, debentures, or debenture stock of any company, corporation or association and the lending of money for the purpose of any such issue.
  4. Carrying on and transacting every kind of guarantee and indemnity business.
  5. Managing, selling and realizing any property which may come into the possession of the company in satisfaction or part satisfaction of any of its claims.
  6. Acquiring and holding, generally dealing with any property or any right, title or interest in any such property which may form the security or part of the security for any loans or advances or which may be connected with such security.
  7. Undertaking, setting and executing trusts for any purpose including Mutual Fund.
  8. Undertaking and administration of estates as executor, trustee or otherwise.
  9. Establishing and supporting or aiding in the establishment and support of association, institutions, funds, trusts and conveniences calculated to benefit employees or exemployees of the Company or the dependents or connections of such persons, granting pensions and allowances and making payments towards insurance, subscribing to or guaranteeing moneys for charitable or benevolent objects for any exhibition or for any public, general or useful objects.
  10. The acquisition, construction, maintenance and alteration of any building or works necessary or convenient for the purpose of the company.
  11. Selling, improving, managing, developing, exchanging, leasing, mortgaging, disposing of or turning into account or otherwise dealing with or any part of the property and rights of the Company.
  12. Acquiring and undertaking the whole or any part of the business of any person or company, when such business is of the nature enumerated or described above.
  13. Doing all such other things as are incidental or conducive to the promotion or advancement of the business of the company.
  14. To fake or concur in taking all such steps calculated to uphold and support the credit of the Company/Bank and to obtain and justify public confidence and to avert and minimise financial disturbance which may affect the Company/Bank.
  15. Taking or otherwise acquiring and holding shares in any other company having objects similar to those of the company.
  16. To carry on the business of leasing, hire purchase and factoring.
  17. To incorporate subsidiary companies with main objects of carrying on business of merchant banking, leasing, factoring, hire purchase, financial services of all kinds, consultancy or such other business as such subsidiary company may be permitted by the Reserve Bank of India to carry on.
  18. Any other form of business which the Central Government or Reserve Bank of India may specify as a form of business in which it is lawful for the company to engage.