Banking Regulation Act, 1949

49A. Restriction on acceptance of deposits withdrawable by cheque

No person other than a banking company, the Reserve Bank, the State Bank of India or any other 261[banking institution, firm or other person notified by the Central Government in this behalf on the recommendation of the Reserve Bank] shall accept from the public deposits of money withdrawable by cheque:

PROVIDED that nothing contained in this section shall apply to any savings bank scheme run by the government.