law: Banking Regulation Act, 1949
  49. Special provisions for private banking
  
  companies
  The exemptions whether express or implied, in
  
  favor of a private company in 260[sections 90, 165, 182, 204 and 255, clauses
  
  (a) and (b) of sub-section (1) of section 293 and sections 300,388A and 416 of
  
  the Companies Act, 1956 (1 of 1956)1, shall not operate in favor of a private
  
  company which is a banking company.