National Bank for Agriculture and Rural Development Act : Borrowings in foreign currency. Indian Bare

National Bank for Agriculture and Rural Development Act,1981

Act No : 61

Section : Borrowings in foreign currency.

20. Borrowings in foreign currency. (1) Notwithstanding anything contained in the Foreign Exchange Regulation Act, 1973 (46 of 1973), 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. (2) The Central Government may guarantee loans taken by the National Bank under sub-section (1) as to the repayment of principal and the payment of interest thereon and other incidental charges.