Section 36AA(1) in The Banking Regulation Act, 1949
(1)Where the Reserve Bank is satisfied that in the public interest or for preventing the affairs of a banking company being conducted in a manner detrimental to the interests of the depositors or for securing the proper management of any banking company it is necessary so to do, the Reserve Bank may, for reasons to be recorded in writing, by order, remove from office, with effect from such date as may be specified in the order, [any chairman, director] [Substituted by Act 58 of 1968, Section 13, for " any director" (w.e.f. 1.2.1969).], chief executive officer (by whatever name called) or other officer or employee of the banking company.
