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 43: National Rural Credit (Stabilisation) Fund.
    (1) The National Bank shall establish and maintain a Fund to be known as the National Rural Credit (Stabilisation) Fund.
     (2) The Fund shall (in addition to assets and liabilities transferred under section 18) include,--
        (a) such sums of money as the Central Government and the State Governments may contribute from time to time;
        (b) such sums of money as the Reserve Bank may contribute every year; and
        (c) such further sums of money as the Board may contribute every year.
     (3) The amounts in the said Fund shall be applied by the National Bank only to provide loans and advances under section 22.
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