Section 33A
Power of Reserve Bank to prohibit acceptance of deposit and alienation of assets.
The National Housing Bank Act, 1987
About this Act
An Act to establish a bank to be known as the National Housing Bank to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support to such institutions and for matters connected therewith or incidental thereto.
1[33A. Power of Reserve Bank to prohibit acceptance of deposit and alienation of assets.-- (1) If
any housing finance institution which is a company violates the provisions of any section or fails to
comply with any direction or order given by the National Housing Bank or the Reserve Bank, under any
of the provisions of this Chapter, the Reserve Bank may, by order, prohibit such housing finance
institution from accepting any deposit.
(2) Notwithstanding anything to the contrary contained in any agreement or instrument or any law for the time being in force, the Reserve Bank on being satisfied that it is necessary so to do in the public interest or in the interest of the depositors, may direct the housing finance institution which is a company, against which an order prohibiting from accepting deposit has been issued, not to sell, transfer, create charge or mortgage or deal in any manner with its property and assets without prior written permission of the National Housing Bank for such period not exceeding six months from the date of the order.]
(2) Notwithstanding anything to the contrary contained in any agreement or instrument or any law for the time being in force, the Reserve Bank on being satisfied that it is necessary so to do in the public interest or in the interest of the depositors, may direct the housing finance institution which is a company, against which an order prohibiting from accepting deposit has been issued, not to sell, transfer, create charge or mortgage or deal in any manner with its property and assets without prior written permission of the National Housing Bank for such period not exceeding six months from the date of the order.]
Notes
1. Subs. by s. 162, ibid., for section 33A (w.e.f. 09-08-2019).