Notwithstanding anything contained in section 22 of the
Banking Regulation Act, 1949 (10 of 1949), where on account of the reorganisation of the existing State
of Punjab, a co-operative bank is newly formed on the appointed day or within three months thereof in
any of the successor States, it may commence and conduct banking business without obtaining a licence
under that section from the Reserve Bank of India, until it is granted such a licence or until it is informed
by the Reserve Bank of India that such a licence cannot be granted to it;
Provided that such bank applies to the Reserve Bank of India for such a licence within a period of three months from the date of formation of the bank.
Provided that such bank applies to the Reserve Bank of India for such a licence within a period of three months from the date of formation of the bank.