Section 10A(1) in The Banking Regulation Act, 1949
(1)Notwithstanding anything contained in any other law for the time being in force, every banking company,-(a)in existence on the commencement of section 3 of the Banking Laws (Amendment) Act, 1968 (58 of 1968), or(b)which comes into existence thereafter, shall comply with the requirements of this section:Provided that nothing contained in this sub-section shall apply to a banking company referred to in clause (a) for a period of three months from such commencement.
