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"No scheduled commercial bank incorporated in India and having aggregate demand time liabilities of Rs. 50 crore or above as on the 12th March, 1976 or at any time thereafter and no scheduled commercial bank incorporated outside India shall charge interest on loans-advances/cash credits/overdrafts or any other financial accommodation made or provided by it, or renewed by it or discount usance bills at a rate, in either case, higher than 15.50% per annum: Interest shall be charged with quarterly rests".