The Central Government on 14th July, 2023 has exempted the Regional Rural Bank from the application of provisions of section 5 and 6 of the Competition Act, 2002. As per these provisions no person or enterprise shall enter into a combination which causes or is likely to cause an appreciable adverse effect on competition within the relevant market in India and such a combination shall be void.
Any person or enterprise, who or which proposes to enter into a combination shall give notice to the Commission, in the form as may be specified, and the fee which may be determined, by regulations, disclosing the details of the proposed combination, within thirty days of approval of the proposal.
The exemption shall be applicable for a period of five years from the date of publication of this notification in the Official Gazette.
