Default in Repayment of deposits and interests honoring the

Notwithstanding anything contained in section 3, where any Financial Establishment defaults the return of the deposit or defaults the payment of interest on the deposit or fails to return in any kind or fails to render service for which the deposit have been made, every person responsible for the management of the affairs of the Financial Establishment shall be punished with imprisonment for a term which may extend to ten years and with the fine which may extend to Rs. 1,00,000 and such Financial Establishment is also liable for a fine which may extend to Rs. 2,00,000.