1[35A. Power of the Reserve Bank to give directions.—(1) Where the Reserve Bank is satisfied that—
3[(aa) in the interest of banking policy; or]
it is necessary to issue directions to banking companies generally or to any banking company in particular, it may, from time to time, issue such directions as it deems fit, and the banking companies or the banking company, as the case may be, shall be bound to comply with such directions.
(2) The Reserve Bank may, on representation made to it or on its own motion, modify or cancel any direction issued under sub-section (1), and in so modifying or cancelling any direction may impose such conditions as it thinks fit, subject to which the modification or cancellation shall have effect.]1. Ins. by Act 95 of 1956, s. 7 (w.e.f. 14-1-1957). 2. Subs. by Act 7 of 1961, s. 2, for "national interest " (w.e.f. 24-3-1961). 3. Ins. by Act 58 of 1968, s. 10, (w.e.f. 1-2-1969)