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Home › Indian Laws › Banking Regulation Act, 1949 › Section 45Y
Banking Regulation Act, 1949 · Section guide

Section 45Y: Central Government rules for preservation of records

Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026

Section 45Y — Central Government rules for preservation of records. Empowers the Central Government to prescribe periods and manner for preservation of banking-company records; the Banking Companies (Period of Preservation of Records) Rules, 1985 operationalise this section.

Official statute linkedProvision-specific anatomyPractical case + evidence file
Official text: DFS consolidated Act

Statutory structure and provision map

This map is a provision-specific explanation, not a substitute for the exact statutory text.

Core statutory rule

Empowers the Central Government to prescribe periods and manner for preservation of banking-company records.

Condition / limitation

the Banking Companies (Period of Preservation of Records) Rules, 1985 operationalise this section.

Source and effective-date control

Apply the wording of Section 45Y that was in force on the event date; use the official Act and any applicable commencement/amending instrument linked on this page.

Professional application

Link both actual preservation Rules and provide record-category retention periods with litigation/regulatory-hold caveats separately sourced.

Evidence / working-paper checklist

  • Section 45Y evidence: account/locker/safe-custody master record.
  • Section 45Y evidence: nomination/cancellation/variation form and acknowledgement.
  • Section 45Y evidence: identity/death/inventory/payment evidence for a claim.
  • Section 45Y evidence: record-retention or claim-processing evidence under the current Rules.

Retain the event date and source version with the file so the conclusion remains reproducible after later amendments.

Common mistakes to avoid

  • For Section 45Y, avoid treating a nominee as universal beneficial owner for all legal purposes.
  • For Section 45Y, avoid using obsolete nomination forms after a rule change.
  • For Section 45Y, avoid processing a death claim without preserving identity, death and inventory/payment evidence.

Linked Rules, RBI directions, notifications and forms

Linked instruments keep their own legal basis; they are not attributed to Section 45Y unless the official instrument says so.

Related sections inside the Act

Section 45Z — Return of paid instruments to customersSection 52 — Power of Central Government to make rulesSection 45W — Part II not to apply to banking companies being wound upSection 45X — Validation of certain proceedingsSection 45ZA — Nomination for payment of depositors’ money

Use these links to read Section 45Y in its statutory sequence, especially where the provision imports definitions, approvals, appeals, penalties or winding-up consequences from neighbouring sections.

Current-law source control

Source control: Section 45Y is anchored to the official DFS consolidated text; later changes require separate Gazette verification.

Dated matters: verify any later Gazette, RBI direction or binding judgment affecting Section 45Y on the event date.

Disclaimer

This Finin2min page is an educational and professional reference. Banking regulation is fact-, entity- and date-sensitive. Verify the current Act, Gazette amendments and commencement notifications, applicable RBI Rules/directions and the transaction record before acting or filing.