Delegation of Powers U/s 388 B, 388C, 388E to RBI (Banking Regulation Act)

The Central Government hereby delegates its power under sections 388B, 388C and 388E of the Companies Act,1956 (1 of1956) in relation to banking  companies falling within the purview of the Banking Regulation Act, 1949 (10 of 1949) to the Reserve Bank of India subject to condition that the Central Government may revoke such delegation of powers or may itself exercise the powers under the said sections, if, in its opinion, such a course of action is necessary in the public interest.

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