Exemption of RRBs from certain provisions of Competition Act

Ministry of Corporate Affairs has recently issued a notification granting exemption to Regional Rural Banks (RRBs) from provisions section 5 and 6 of the Competition Act for a period of five years. Under the powers conferred by clause (a) of section 54 of the Competition Act, 2002, the Central Government has exempted RRBs from the application of provisions outlined in section 5 and 6 of the Act. This exemption is applicable to RRBs that have been notified under sub-section (1) of section 23A of the Regional Rural Banks Act, 1976. The exemption will be effective for a duration of five years from the date of publication of the notification in the Official Gazette.

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 14th July, 2023

S.O. 3238(E).—In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts the Regional Rural Bank notified under sub-section (1) of section 23A of the Regional Rural Banks Act, 1976 (21 of 1976), from the application of provisions of section 5 and 6 of the Competition Act, 2002 for a period of five years from the date of publication of this notification in the Official Gazette.

[F. No. 5/31/2015-CS]

MANOJ PANDEY, Jt. Secy.

4658 GI/2023