AI Summary of 34. Bank’s power to give directions
The Bank may issue a direction to an ATM operator or cash-in-transit (CIT) provider if it deems that the operator or provider has failed, is failing, or is likely to fail to comply with any condition or requirement imposed under the relevant Act. This direction will take effect from the specified date, and must outline the terms of compliance, including any deadlines and additional provisions necessary for the implementation of the direction.
Additionally, the Bank has the discretion to publish the direction in an appropriate manner. It is mandatory for the ATM operator or CIT provider to comply with the issued direction. Furthermore, any decision made by the Bank under this provision is subject to appeal as per Part VIIA of the Act of 1942.
34. Bank’s power to give directions
(1) Where the Bank is satisfied that an ATM operator or CIT provider, as the case may be, has failed, is failing or is likely to fail, to comply with any condition or requirement (including any prescribed requirement) imposed by or under this Act, the Bank may decide to give a direction to the ATM operator or CIT provider concerned to comply with the condition or requirement specified in the direction.
(2) The provisions of a direction under subsection (1) have effect from the date specified in the direction in relation to them.
(3) A direction under subsection (1) shall set out -
(a) the terms of the direction, including any specification of a date by which, or a period within which, any provision made by the direction is to be complied with, and
(b) any incidental, consequential or supplemental provisions for implementing the direction and ensuring that it is fully and effectively carried out.
(4) The Bank may publish a direction under subsection (1) in any such manner as the Bank considers appropriate.
(5) An ATM operator or CIT provider, as the case may be, shall comply with a direction given to it under subsection (1).