Section 7 in The Banking Laws (Amendment) Act, 2025
7. Amendment of section 24.
In the Banking Regulation Act of 1949, in section 24,—(a)in sub-section (2A), for the word “Friday”, the word “day” shall be substituted;(b)in sub-section (3), for the words “each alternate Friday during the month, or if any such Friday”, the words “the last day of each fortnight during the month, or if the last day of any such fortnight” shall be substituted;(c)in sub-section (4),—(i)in clause (a), for the words “any alternate Friday or, if such Friday”, the words “the last day of any fortnight or, if the last day of any such fortnight” shall be substituted;(ii)for clause (b), the following clause shall be substituted, namely:-“(b) if the default occurs again on the last day of the next succeeding fortnight, or, if the last day of such fortnight is a public holiday, on the preceding working day, and continues on the last day of the succeeding fortnights or preceding working days, as the case may be, the rate of penal interest shall be increased to a rate of five per cent. per annum above the bank rate on each such shortfall in respect of last day of that fortnight and last day of each succeeding fortnight or preceding working day, if last day of such fortnight is a public holiday, on which the default continues.”;(d)in sub-section (7),—(i)for the words “next succeeding alternate Friday, or if such Friday is a public holiday”, the words “last day of the next succeeding fortnight, or if the last day of such fortnight is a public holiday” shall be substituted;(ii)for the words “subsequent alternate Friday”, the words “last day of every subsequent fortnight” shall be substituted.
