Section 53. Provision as to co-operative banks.

Notwithstanding anything contained in section 22 of the Banking Regulation Act, 1949 (10 of 1949), where by virtue of the provisions of Part II, a cooperative bank is newly formed on the appointed day or within three months thereof in the State of Goa or the Union territory of Daman and Diu, 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.