3. Amendment of section 42.-In section 42 of the principal Act,— (i) in sub-section (1),—
(a) for the words, brackets and figure “three per cent. of the total of the demand and time liabilities in India of such bank as shown in the return referred to in sub-section (2)”, the words, brackets and figure “such per cent. of the total of the demand and time liabilities in India of such bank as shown in the return referred to in sub-section (2), as the Bank may from time to time, having regard to the needs of securing the monetary stability in the country, notify in the Gazette of India” shall be substituted;
(b) the proviso shall be omitted; (ii) sub-sections (1AA) and (1B) shall be omitted.
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