Section 2 in The Banking Laws (Amendment) Act, 2025
2. Amendment of section 42.
In the Reserve Bank of India Act, 1934, in section 42,—(a)in sub-section (1), in the Explanation, for clause (b), the following clause shall be substituted, namely:—'(b) “fortnight” means 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;’;(b)in sub-section (2),—(i)in the long line,—(A)for the words “each alternate Friday”, the words “the last day of each fortnight” shall be substituted;(B)for the words “seven days”, the words “five days” shall be substituted;(ii)in the second proviso,—(A)for the words “such alternate Friday”, the words “the last day of any such fortnight” shall be substituted;(B)for the words “that Friday”, the words “the last day of that fortnight” shall be substituted;(iii)the third proviso shall be omitted;(c)sub-section (2A) shall be omitted.
