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[Cites 0, Cited by 0] [Section 24(5)] [Section 24] [Entire Act]

Union of India - Subsection

Section 24(5)(b) in The Banking Regulation Act, 1949

(b)without prejudice to the provisions of sub-section (4), on the failure of a banking company to maintain as on any day, the amount so required to be maintained by or under [***] [Wrods "clause (a) of" ommtted by Act No. 4 OF 2013] sub-section (2-A) the Reserve Bank may, in respect of such default, require the banking company to pay penal interest for that day as provided in clause (a) of sub-section (4) and if the default continues on the next succeeding working day, the penal interest may be increased as provided in clause (b) of sub-section (4) for the concerned days.