Section 14 in The Banking Laws (Amendment) Act, 2025
14. Amendment of section 56.
In the Banking Regulation Act of 1949, in section 56,—(a)in clause (c), for sub-clause (ii), the following sub-clause shall be substituted, namely:—“(ii) clause (nb) shall be omitted;”;(b)in clause (j) relating to substitution of section 18, in sub-section (1),—(i)for the words “last Friday”, the words “last day” shall be substituted;(ii)for the words “alternate Friday”, the words “the last day of the fortnight” shall be substituted;(iii)for the words “such Fridays or if any such Friday”, the words “the last day of the fortnight or if the last day of any such fortnight” shall be substituted;(iv)in the Explanation, for clause (b), the following clause shall be substituted, namely:—‘(b) “fortnight” shall mean the period from the first day to the fifteenth day of each calendar month or sixteenth day to the last day of each calendar month, both days inclusive;’.
