(8)Notwithstanding anything contained in this section, if the Reserve Bank is satisfied, on an application in writing by the defaulting banking company, that the banking company had sufficient cause for its failure to comply with the provisions of [***] [Wrods "clause (a) of" ommtted by Act No. 4 OF 2013] sub-section (2-A), the Reserve Bank may not demand the payment of the penal interest.Explanation. - In this section, the expression "public holiday" means a day which is a public holiday under the Negotiable Instruments Act, 1881 (26 of 1881).]
