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[Cites 0, Cited by 5] [Section 24(4)] [Section 24] [Entire Act]

Union of India - Subsection

Section 24(4)(b) in The Banking Regulation Act, 1949

(b)if the default occurs again on the next succeeding alternate Friday, or, if such Friday is a public holiday, on the preceding working day, and continues on succeeding alternate fridays 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 that alternate Friday and each succeeding alternate Friday or preceding working day, if such Friday is a public holiday, on which the default continues.