Section 35A(1) in The Banking Regulation Act, 1949
(1)Where the Reserve Bank is satisfied that-(a)in the [public interest]; or(aa)[ in the interest of banking policy; or] [Inserted by Act 58 of 1968, Section 10 (w.e.f. 1.2.1969).](b)to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors or in a manner prejudicial to the interests of the banking company; or(c)to secure the proper management of any banking company generally, it is necessary to issue directions to banking companies generally or to any banking company in particular, it may, from time to time, issue such directions as it deems fit, and the banking companies or the banking company, as the case may be, shall be bound to comply with such directions.
