Question

Following the Banking Laws (Amendment) Act, 2025, the definition of “fortnight” in the Explanation to Section 18 now means which of the following periods?

Q: Answer-Following the Banking Laws (Amendment) Act, 2025, the definition of “fortnight” in the Explanation t...

The Banking Laws Amendment Act, 2025 Act 16 of 2025, by Section 6, substituted clause b of the Explanation to Section 18 with effect from 15 December 2025, redefining fortnight to mean the period from the first day to the fifteenth day of each calendar month, or the sixteenth day to the last day of each calendar month, both days inclusive. This replaced the earlier Friday-based reckoning. The amendment harmonises reporting and reserve-maintenance reference dates across calendar fortnights rather than the rolling Friday system. Correspondingly, several reporting reference points in Sections 18, 24 and 27 were shifted from Friday-based dates to fixed calendar-day dates.

A The period from the first day to the fifteenth day of each calendar month, or the sixteenth day to the last day of each calendar month, both days inclusive

B The seven-day period ending on each Friday of the calendar month

C The period between two consecutive last Fridays of a calendar month

D Any fourteen-day period beginning on a Monday

E The period from the first to the fourteenth day, or fifteenth to the twenty-eighth day, of each month

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