s 74A Power to refund, reduce, etc., financial penalty
74A. The Authority may, of its own motion, review any financial penalty imposed on a bank under section 38(7) or 39(7) or on a merchant bank under section 38(7) as applied by section 55ZG(1), and decide —(a)
not to impose the financial penalty;
(b)
to reduce the financial penalty payable; or
(c)
where any financial penalty has been paid, to refund the whole or part of the amount paid.[1/2020]
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