48. Special provision relating to the Schemes formulated by the Monetary Board under section 76M

Notwithstanding the repeal of subsection (3C) of section 76M of the principal enactment by this Act, any

Scheme formulated by the Monetary Board under subsection (3C) of that section shall continue to be in force until the liabilities of depositors and creditors of the defaulting bank referred to in that subsection are settled in full in accordance with the terms and conditions of such Scheme.