43. Insertion of new section 79B in the principal enactment

The following new section is hereby inserted immediately after section 79A of the principal enactment and shall have effect as section 79B of that enactment:-

79B. (1) Without prejudice to any of the provisions of this Act or any other written law for the time being in force, it shall be lawful for the Central Bank, after affording an opportunity of being heard, to impose an administrative fine on any person who contravenes the provisions of subsections (1C), (3) and (4) of section 12, section 19, section 21, subsection (1) of section 38 or paragraph (c) of subsection (1) of section 46 of this Act.

The Central Bank shall, in determining to impose an administrative fine, take into consideration-

the gravity of such contravention;

whether there is any recurrence of such contravention;

whether any loss or damage is caused to the depositors or any other person consequent of such contravention;

whether the person against whom a fine is to be imposed is unduly benefitted from such contravention;

the financial resources of such person;

any mitigating factors; and

such other matters as it considers to be relevant.

The Central Bank shall determine the procedure and manner for imposing an administrative fine on a person under subsection (1) and the amount of such fine, in proportion to the contravention so committed.”.