(1)Where the Reserve Bank is satisfied that it is necessary or expedient in the public interest [or in the interests of depositors] [Inserted by Act 55 of 1963, Section 13 (w.e.f. 1.2.1964).] [or banking policy] [Inserted by Act 58 of 1968, Section 6 (w.e.f. 1.2.1969).] so to do, it may determine the policy in relation to advances to be followed by banking companies generally or by any banking company in particular, and when the policy has been so determined, all banking companies or the banking company concerned, as the case may be, shall be bound to follow the policy as so determined.
