Section 3(2) in The Industrial Development Bank (Transfer of Undertaking and Repeal) Act, 2003
(2)Notwithstanding anything contained in the Banking Regulation Act, 1949 (10 of 1949), the Company referred to in suB-section (1) shall be deemed to be a banking company within the meaning of clause (c) of section 5 of the Banking Regulation Act, 1949 and as such shall carry on banking business in accordance with the provisions of that Act, in addition to the business which may be carried on and transacted by the Development Bank:Provided that such Company shall not be required to—(a)obtain licence under section 22 of the Banking Regulation Act, 1949 (10 of 1949);(b)maintain for a period of five years from the appointed day the percentage of assets required to be maintained under section 24 of the said Act.
