Section 22A. Validation of licences granted by Reserve Bank to multi-State co-operative societies

1[22A. Validation of licences granted by Reserve Bank to multi-State co-operative societies.— Notwithstanding anything contained in any law or, judgment delivered or decree or order of any court made,— (a) no licence, granted to a multi-State co-operative society by the Reserve Bank under section 22, which was subsisting on the date of commencement of the Banking Regulation (Amendment) and Miscellaneous Provisions Act, 2004 (24 of 2004), shall be invalid or be deemed ever to have been invalid merely by the reason of such judgment, decree or order; (b) every licence, granted to a multi-State co-operative society by the Reserve Bank under section 22, which was subsisting on the date of commencement of the Banking Regulation (Amendment) and Miscellaneous Provisions Act, 2004 (24 of 2004), shall be valid and be deemed always to have been validly granted in accordance with law; section 22, which was subsisting on the date of commencement of the Banking (c) a multi-State co-operative society whose application for grant of licence for carrying on banking business was pending with the Reserve Bank on the date of commencement of the Banking Regulation (Amendment) and Miscellaneous Provisions Act, 2004 (24 of 2004) shall be eligible to carry on banking business until it is granted a licence in pursuance of section 22 or is, by a notice in writing notified by the Reserve Bank that the licence cannot be granted to it;] 2* * * * * 3[(q) in section 24,— 4* * * * * 5* * * * * (iii) in sub-section (3), for the proviso, the following proviso shall be substituted, namely:— "Provided that every co-operative bank, other than a primary co-operative bank, shall also furnish within the said period, a copy of the said return to the National Bank."; 5* * * * * * 6[(qq) after section 24, the following section shall be inserted, namely:— "24A. Power to exempt.—Without prejudice to the provisions of section 53, the Reserve Bank may, by notification in the Official Gazette, declare that, for such period and subject to such conditions as may be specified in such notification the whole or any part of the provisions of section 18 or section 24, as may be specified therein, shall not apply to any co-operative bank or class of co-operative banks, with reference to all or any of the offices of such co-operative bank or banks, or with reference to the whole or any part of the assets and liabilities of such co-operative bank or banks]; bank or banks, or with reference to the whole or any part of the assets and liabilities of such 7* * * * * 8[(ri) in the second proviso to section 26, for the expression "regional rural Bank" the expression "co-operative bank, other than a primary cooperative bank" shall be substituted; 7* * * * * 1. Ins. by Act 24 of 2004, s. 2 (w.e.f. 24-9-2004). 2. Cl. (p) omitted by Act 39 of 2020, s. 4 (w.e.f. 1-4-2021). 3. Subs. by Act 1 of 1984, s. 42, for clause (g) (w.e.f. 29-3-1985). 4. Sub-clause (i) omitted by Act 4 of 2013, s. 14 (w.e.f. 18-1-2013).