Exemption from sub section 1 of section 7 of the Banking Regulation Act, 1949
In exercise of the powers conferred by section 53 of the Banking Regulation Act, 1949 (10 of 1949), the Central Government on recommendation of the Reserve Bank of India, hereby declares that the provision of sub-section (1) of section 7 of the said Act shall not apply to “UBS AG” a Switzerland based bank while carrying on banking business in India.