Punjab Reorganisation Act,1966
Act No : 31
Section :
Provision as to co-operative banks.
71. Provision as to co-operative banks. 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 799 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.
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