Central Government hereby delegates its powers under Sections 388B, 388C and 388E of the said Act 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.

Published 21 December 2012