Deemed banking licence under Banking Regulation Act follows commencement of Finance Act provision, transitioning the Company's regulatory status.

The amendment deletes a limiting phrase in section 3(2) and inserts a proviso that clause (a) to the earlier proviso ceases to apply on commencement of Part XIII of the Finance Act, 2021, and that from such commencement the Company is deemed to have obtained a licence under section 22 of the Banking Regulation Act, 1949, transitioning the Company's licensing status.

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