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[Cites 0, Cited by 0] [Section 42(5)] [Section 42] [Entire Act]

Union of India - Subsection

Section 42(5)(c) in The Reserve Bank of India Act, 1934

(c)notwithstanding anything contained in this section, if the Bank is satisfied that the defaulting bank and sufficient cause for its failure to comply with the provisions of sub-section (1), (1A) or (2), it may not demand the payment of the penal interest of the penalty, as the case may be.