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

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

Union of India - Subsection

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

(a)If on any alternate Friday or, if such Friday is a public holiday, on the preceding working day, the amount maintained by a banking company at the close of business on that day falls below the minimum prescribed by or under [***] [Substituted by Act 1 of 1984, Section 26, for sub-Section (3) (w.e.f. 29.3.1985).] sub-section (2-A) such banking company shall be liable to pay to the Reserve Bank in respect of that day's default, penal interest for that day at the rate of three per cent. per annum above the bank rate on the amount by which the amount actually maintained falls short of the prescribed minimum on that day; and

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Union of India - Subsection

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