Section 11 in Banking Companies (Acquisition And Transfer of Undertaking) Act, 1969
11. Corresponding new bank to be guided by the direction of the Central Government.-
(1)Every corresponding new bank shall, in the discharge of its functions, be guided by such directions in regard to matters of policy involving public interest as the Central Government may, after consultation with the Governor of the Reserve Bank, give.(2)If any question arises whether a direction relates to a matter of policy involving public interest, it shall be referred to the Central Government and the decision of the Central Government thereon shall be final.
