Section 24. Maintenance of a percentage of assets

24. Maintenance of a percentage of assets .—[3] * * * * * 4[(2A) A scheduled bank, in addition to the average daily balance which it is, or may be, required to maintain under section 42 of the Reserve Bank of India Act, 1934 (2 of 1934) and every other banking company, in addition to the cash reserve which it is required to maintain under section 18, shall maintain in India, assets, the value of which shall not be less than such percentage not exceeding forty per cent. of the total of its demand and time liabilities in India as on the last[5] [day] of the second preceding 1. Subs. by Act 33 of 1959, s. 14, for section 23 (w.e.f. 1-10-1959). 2. Ins. by Act 61 of 1981, s. 61 and Sch. II (w.e.f. 1-5-1982).