Act Number: 61

Act Name: The National Bank for Agriculture and Rural Development Act, 1981

Year: 1981

Enactment Date: 1981-12-30

Long Title: An Act to establish a development bank to be known as the National Bank for Agriculture and Rural Development for providing and regulating credit and other facilities for the promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts and other allied economic activities in rural areas with a view to promoting integrated rural development and securing prosperity of rural areas and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 20: Borrowings in foreign currency.
    1[20. Borrowings in foreign currency.-- (1) Notwithstanding anything contained in the Foreign Exchange Management Act, 1999 (42 of 1999), or in any other law for the time being in force, relating to foreign exchange, the National Bank may borrow, with the previous approval of the Central Government and in consultation with the Reserve Bank, foreign currency from any bank or financial institution in India or elsewhere, for granting loans and advances or for utilising such currency for any other purpose specified under the provisions of this Act.]
Notes:
1. Subs. by s. 11, ibid., for section 20 (w.e.f. 1-2-2001).
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