Nothing contained in this Act shall apply to any prize chit or money circulation scheme promoted by (a) a State Government or any officer or authority on its behalf; or (b) a company wholly owned by a State Government which does not carry on any business other than the conducting of a prize chit or money circulation scheme whether it is in the nature of a conventional chit or otherwise; or (c) a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949, or a banking institution notified by the Central Government under section 51 of that Act or the State Bank of India constituted under section 3 of the , or a subsidiary bank constituted under section 3 of the , or a corresponding new bank constituted under Section 3 of the , or a Regional Rural Bank established under section 3 of the or a co operative bank as defined in clause (bii) of section 2 of the ; or (d) any charitable or educational institution notified in this behalf by the State Government, in consultation with the Reserve Bank.