Except otherwise provided for in this Act, the Rastra Bank shall follow the procedures as mentioned hereunder while taking actions pursuant to Section 99 and imposing fines pursuant to Section 100:-a. Before taking the proposed action or imposing fines, the accused bank or financial institution or person shall be given a written notice of seven days to defend its/his/her position, stating the nature of the act he/she/it has committed, short description of the act, the amount that may be imposed as fines and the proposed actions.
b. The concerned bank or financial institution or person shall be required to submit his/her/its clarification in writing within seven days from the date of receipt of the written notice pursuant to Clause (a).
c. If the written clarification submitted pursuant to Clause (b) is found to be reasonable, the Rastra Bank may amend, delimit or dismiss the charge.
d. If the written clarification submitted pursuant to Clause (b) is not found to be satisfactory, the Rastra Bank may take action as referred to in Section 99 or impose a fine pursuant to as set forth in Section 100.
(2) The other procedures to be complied with while taking actions or imposing fines by the Rastra Bank shall be as specified by the Rastra Bank.