https://www.taxtmi.com/caselaws?id=355905 Section 21A of the Banking Regulation Act was treated as a valid Union law under Entry 45, List I because banking includes lending and recovery as incidental aspects, and the provision formed part of a banking regulatory scheme. However, in States where Debt Relief legislation covers agricultural indebtedness to banks, that special State field under Entry 30, List II prevails to the extent of direct conflict. The non obstante clause in Section 21A could not displace State law within that exclusive sphere, although the provision continued to operate where no such State debt relief law applied to bank loans. en-us Fri, 16 Feb 2018 00:00:00 +0530 Thu, 19 May 2022 16:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355905 Section 21A of the Banking Regulation Act was treated as a valid Union law under Entry 45, List I because banking includes lending and recovery as incidental aspects, and the provision formed part of a banking regulatory scheme. However, in States where Debt Relief legislation covers agricultural indebtedness to banks, that special State field under Entry 30, List II prevails to the extent of direct conflict. The non obstante clause in Section 21A could not displace State law within that exclusive sphere, although the provision continued to operate where no such State debt relief law applied to bank loans. Case-Laws Indian Laws Fri, 16 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355905