(4)[ The Reserve Bank may cancel a licence granted to a banking company under this section-(i)if the company ceases to carry on banking business in India; or(ii)if the company at any time fails to comply with any of the conditions imposed upon it under sub-section (1); or(iii)if at any time, any of the conditions referred to in sub-section (3) [and sub-section (3-A)] is not fulfilled:Provided that before cancelling a licence under clause (ii) or clause (iii) of this sub-section on the ground that the banking company has failed to comply with or has failed to fulfil any of the conditions referred to therein, the Reserve Bank, unless it is of opinion that the delay will be prejudicial to the interests of the company's depositors or the public, shall grant to the company on such terms as it may specify, an opportunity of taking the necessary steps for complying with or fulfilling such a condition.
