National Housing Bank Act,1987
Act No : 53
Section :
Business of the National Housing Bank.
14. Business of the National Housing Bank. Subject to the provisions of this Act, the National Housing Bank may transact all or any of the following kinds of business, namely:-- (a) promoting, establishing, supporting or aiding in the promotion, establishment and support of housing finance institutions; (b) making of loans and advances or rendering any other form of financial assistance whatsoever to housing finance institutions and scheduled banks; 1*[ or to any authority estab- lished by or under any Central, State or Provincial Act and engaged in slum clearance] (c) subscribing to or purchasing stocks, shares, bonds, debentures and securities of every other description; (d) guaranteeing the financial obligations of housing finance institutions and underwriting the issue of stocks, shares, bonds, debentures and securities of every other description of housing finance institutions; (e) drawing, accepting, discounting or rediscounting, buying or selling and dealing in bills of exchange, promissory notes, bonds, debentures, hundies, coupons and other instruments by whatever name called; (f) forming, promoting and managing subsidiaries for carrying out all or any of its functions under this Act; (g) undertaking research and surveys on construction techniques and other studies relating to or connected with shelter, housing and human settlement; (h) formulating one or more schemes, for the purpose of mobilisation of resources and extension of credit for housing; 1*[(hh) formulating a scheme for the purpose of accepting deposits referred to in clause (a) of section 2 of the Voluntary Deposits (Immunities and Exemptions) Act, 1991 (47 of 1991 and crediting forty per cent. of the amount of such deposits to a special fund created under section 37;] (i) formulating one or more schemes; for the economically weaker sections of society which may be subsidised by the Central Government or any State Government or any other source; (j) organising training programmes, seminars and symposia on matters relating to housing; --------------------------------------------------------------------- 1. Ins. by Act 47 of 1991, S. 5. 431 (k) providing guidelines to the housing finance institutions to ensure their growth on sound lines; (l) providing technical and administrative assistance to housing finance institutions; (m) co-ordinating with the Life Insurance Corporation of India the Unit Trust of India, the General Insurance Corporation of India and other financial institutions, in the discharge of its overall functions; (n) exercising all powers and functions in the performance of duties entrusted to the National Housing Bank under this Act or under any other law for the time being in force; (o) acting as agent of the Central Government, the State Government or the Reserve Bank or of any authority as may be authorised by the Reserve Bank; (p) any other kind of business which the Central Government may, on the recommendation of the Reserve Bank, authorise; (q) generally, doing of all such matters and things as may be incidental to or consequential upon the exercise of its powers or the discharge of its duties under this Act.
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