Banking licence requirement: exemption ends and the bank is deemed licensed, becoming a precondition to disinvestment. The amendment removes the exemption from obtaining a licence under section 22 of the Banking Regulation Act, 1949; upon commencement of the specified Part of the Finance Act, 2021 the exemption ceases and the Industrial Development Bank of India Limited is deemed to have obtained a licence under section 22, a prerequisite to disinvestment of the Government's stake, with effect from a date notified by the Central Government.
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Provisions expressly mentioned in the judgment/order text.
Banking licence requirement: exemption ends and the bank is deemed licensed, becoming a precondition to disinvestment.
The amendment removes the exemption from obtaining a licence under section 22 of the Banking Regulation Act, 1949; upon commencement of the specified Part of the Finance Act, 2021 the exemption ceases and the Industrial Development Bank of India Limited is deemed to have obtained a licence under section 22, a prerequisite to disinvestment of the Government's stake, with effect from a date notified by the Central Government.
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