Application of provisions of Act 10 of 1949 and its overriding effect

The provisions of this Regulation shall be in addition to and not in derogation of the provisions of the Banking Regulation Act, 1949 or any law for the time being in force in the Union territory: Provided that in case of any conflict between the provisions of this Regulation and the provisions of the Banking Regulation Act, 1949, the provisions of the latter along with the rules, regulations, directions or instructions issued thereunder by the Reserve Bank from time to time shall apply.