National Bank for Agriculture and Rural Development Act,1981
Act No : 61
Section :
Borrowings by the National Bank.
19. Borrowings by the National Bank.-The National Bank may, for the purpose of carrying out its functions under this Act,-- (a) issue and sell bonds and debentures carrying interest, which bonds and debentures shall be guaranteed by the Central Government as to the repayment of principal and payment of interest at such rates as may be ---------------------------------------------------------------------- 1. 12-7-1982: vide Notifi No. S. O 487 (E), dt. 6-7-1982/ 325 fixed by the Central Government in consultation with the Reserve Bank at the time the bonds or debentures are issued; (b) borrow money from the Reserve Bank repayable on demand or on the expiry of fixed periods not exceeding eighteen months from the date of the making of the loan or advance, on such terms and conditions including the terms relating to security and purpose as may be specified by the Reserve Bank; (c) borrow money from the Central Government and from any other authority or organisation or institution approved by that Government, on such terms and conditions as may be agreed upon; (d) accept from the Central Government, a State Government, a local authority, a State land development bank, a State co- operative bank or a scheduled bank or any person approved by the Central Government in this behalf, deposits repayable after the expiry of a period which shall not in any case be less than twelve months from the making of such deposit and on such other terms as the National Bank may, with the prior approval of the Reserve Bank fix; and (e) receive gifts, grants, donations or benefactions from Government or any other source.
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