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[Cites 0, Cited by 0] [Section 7(c)] [Section 7] [Entire Act]

Union of India - Subsection

Section 7(c)(ii) in The Banking Laws (Amendment) Act, 2025

(ii)for clause (b), the following clause shall be substituted, namely:-“(b) if the default occurs again on the last day of the next succeeding fortnight, or, if the last day of such fortnight is a public holiday, on the preceding working day, and continues on the last day of the succeeding fortnights 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 last day of that fortnight and last day of each succeeding fortnight or preceding working day, if last day of such fortnight is a public holiday, on which the default continues.”;