Act Number: 39

Act Name: The Small Industries Development Bank of India Act, 1989

Year: 1989

Enactment Date: 1989-10-25

Long Title: An Act to establish the Small Industries Development Bank of India as the principal financial institution for the promotion, financing and development of industry in the small-scale sector and to co-ordinate the functions of the institutions engaged in the promotion, financing or developing industry in the small-scale sector and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 3: Establishment and incorporation of Small Industries Development Bank of India.
    (1) With effect from such date as the Central Government may, by notification, appoint, there shall be established, for the purposes of this Act, a corporation to be known as the Small Industries Development Bank of India.
     (2) The Small Industries Bank shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name, sue or be sued.
     (3) The head office of the Small Industries Bank shall be at Lucknow or at such other place as the Central Government may, by notification, specify.
     (4) The Small Industries Bank shall establish offices, branches or agencies at any place in or outside India.
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