Is it compulsory to release an accused on bail in bailable offences?

Chapter 33 of the Criminal Procedure Code (Cr. P.C.) contains provisions relating to Bail and bonds.
In the landmark case of  Hussainara Khatoon v. State of Bihar, 1979 Cr. LJ. 1036 SC,  the Supreme Court observed that it is a travesty of justice that many poor accused “little Indians” are forced into long cellular servitude for little offences because the bail procedure is beyond their meager means, and trials don’t commence and even if they do, they never conclude.

In what cases bail can be taken:-
According to Section 436 of Cr. P.C., When any person other than an accused person of a non-bailable offence is arrested or detained without warrant by an officer-in-charge of a police station, or appears or is brought before a Court and is prepared at any time while in the custody of such officer or at any stage of the proceeding before such Court to give bail, such person shall be released on bail.

Provided that such officer or Court, if he or it thinks fit, may, and shall, if such person is indigent and is unable to furnish surety, instead of taking bail from such person, discharge him on his executing a bond without sureties for his appearance as hereinafter provided :

Explanation:
Where a person is unable to give bail week of the date of his arrest, it shall be a sufficient ground for the officer or the Court to presume that he is an indigent person for the purposes of this proviso:

Provided further that nothing in this section shall be deemed to affect the provisions of sub-section (3) of Section 116 or Section 446-A of Cr. P.C. 

But, where a person has failed to comply with the conditions of the bail bond as regards the time and place of attendance, the Court may refuse to release him on bail, when on a subsequent occasion in the same case he appears before the Court or is brought in custody and any such refusal shall be without prejudice to the powers of the Court to call upon any person bound by the such bond to pay the penalty thereof under Section 446 of Cr. P.C.