Section 10B(8) in The Banking Regulation Act, 1949
(8)Notwithstanding anything contained in this section, the Reserve Bank may, if in its opinion it is necessary in the public interest so to do, permit the [chairman of the Board of directors who is appointed on a whole-time basis or the managing director] [Substituted by Act 20 of 1994, Section 2, for certain words (w.e.f. 31.1.1994).] to undertake such part-time honorary work as is not likely to interfere with his duties as [such chairman or managing director] [Substituted by Act 20 of 1994, Section 2, for certain words (w.e.f. 31.1.1994).].
