Notwithstanding anything contained in section 22 of the Banking Regulation Act, 1949 (10 of 1949), where on account of the reorganisation of the existing State of Punjab, a co-operative bank is newly formed on the appointed day or within three months thereof in any of the successor States, it may commence and conduct banking business without obtaining a licence under that section from the Reserve Bank of India, until it is granted such a licence or until it is informed by the Reserve Bank of India that such a licence cannot be granted to it; Provided that such bank applies to the Reserve Bank of India for such a licence within a period of three months from the date of formation of the bank.Open in Lexace · Ask the AI about this section
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