Banking Regulation (Companies) Rules, 1949
15B. Manner of holding inquiries
(1) For the purpose of holding an inquiry under sub-section (2) of section 47A of the Act, the Reserve Bank shall appoint in writing one of its officers for holding the inquiry and shall also authorize him to exercise the powers conferred on the Reserve Bank under sub-section (3) of the said section 47A.
(2) The said officer shall send to the banking company, at its registered office or principal office, a statement giving sufficient particulars of the contravention of the nature referred to in sub-section (3) or, as the case may be, sub-section (4) of section 46 of the Act.
(3) A banking company, to which a communication is addressed under sub-rule (2), shall before the expiry of thirty days from the receipt of such communication send in writing to the said officer its answer to the said statement, together with particulars of the documentary or other evidence on which it proposes to rely.
(4) The said officer shall appoint a date for holding the inquiry and intimate the same to the banking company at its registered office or the principal office. The date so appointed shall not be earlier than thirty days from the date of issue of the notice to the banking company.
(5) At the inquiry, the banking company shall be entitled to be represented by any of its Directors or officers but shall not be entitled to be represented by a legal practitioner.
(6) At the inquiry, an officer of the Reserve Bank, not being the officer conducting the inquiry, shall present the case for the Reserve Bank, including the evidence on the matter. Thereafter the representative of the banking company shall present the case of the banking company including the evidence in relation thereto.
(7) The representative of the banking company and the officer of the Reserve Bank presenting the case for the Reserve Bank may cross-examine a witness other than a witness produced by the said representative or, as the case may be, the said officer.
(8) After the conclusion of the inquiry by the officer conducting the inquiry, the officer shall record his findings and submit the entire record to the Reserve Bank.]