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[Cites 0, Cited by 0] [Section 3(7)] [Section 3] [Entire Act]

Union of India - Subsection

Section 3(7)(b) in The Banking Companies (Acquisition And Transfer Of Undertakings) Act, 1970

(b)undertaking and transacting any other business which the Reserve Bank may from time to time entrust to it.
(ii)The terms and conditions on which any such agency business shall be carried on by the corresponding new bank on behalf of the Reserve Bank shall be such as may be agreed upon.
(iii)If no agreement can be reached on any matter referred to in clause (ii), or if a dispute arises between the corresponding new bank and the Reserve Bank as to the interpretation of any agreement between them, the matter shall be referred to the Central Government and the decision of the Central Government thereon shall be final.
(iv)The corresponding new bank may transact any business or perform any functions entrusted to it under clause (i), by itself or through any agent approved by the Reserve Bank.]