Section 13: Power to make regulations

The Board may with the approval of the Minister make regulations for the management and control of the Bank, and, without prejudice to the generality of the foregoing powers, it may by such regulations-(a) prescribe limits of deposits either generally or in respect of any branch office of the Bank;
(b) prescribe the modes of, and specify the conditions for, making deposits and acknowledgements thereof;
(c) prescribe the modes of, and specify the conditions for, withdrawing deposits and interest;
(d) prescribe the times at which deposit book shall be returned to the Bank by depositors;
(e) regulate and prescribe conditions for deposits and withdrawals by minors, guardians, trustees, married women, corporate bodies, corporations sole, local authorities, registered co-operative societies, friendly societies and charitable bodies;
(f) prescribe the modes of dealing with deposits of deceased and insane persons;
(g) prescribe the modes of dealing with deposits which are subject to orders of court;
(h) provide for the forfeiture of deposits made in wilful contravention of this Act or any regulations made thereunder;
(i) prescribe the conditions, including payments of fees, for the transfer to or from the Bank of sums standing to the credit of depositors from or to other countries in accordance with arrangements entered into by the managing director; and
(j) prescribe the conditions for providing any additional services for depositors of the Bank such as-
(i) buying of stocks and shares on the Stock Exchange;
(ii) the issuing of travellers' cheques and payment therefor;
(iii) transfer of money between cities and towns; and
(iv) payment of bills on behalf of depositors.