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[Cites 0, Cited by 0] [Section 56(1A)] [Section 56] [Entire Act]

Union of India - Subsection

Section 56(1A)(IB) in The Banking Regulation Act, 1949

(IB)Notwithstanding anything contained in this section, if the Reserve Bank is satisfied, on an application in writing by the defaulting co-operative bank, that such defaulting co-operative bank had sufficient cause for its failure to comply with the provisions of sub-section (1), it may not demand the payment of the penal interest.