(2)Every banking company in existence on the commencement of this Act, before the expiry of six months from such commencement, and every other company before commencing banking business {Subs.by Act 20 of 1950, s.3, for ” in any State “.} [in India], shall apply in writing to the Reserve Bank for a licence under this section:Provided that in the case of a banking company in existence or the commencement of this Act, nothing in sub-section ( ]) shall be deemed to prohibit the company from carrying on banking business until it is granted a licence in pursuance of sub-section (2) or is by notice in writing informed by the Reserve Bank that a licence cannot be granted to it:Provided further that the Reserve Bank shall not give a notice as aforesaid to a banking company in existence on the commencement of this Act before the expiry of the three years referred to in sub-section (1) of section 11 or of such further period as the Reserve Bank may under that sub-section think fit to allow.
