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National Bank for Agriculture and Rural Development Act, 1981


Chapter VIII: Funds, Accounts and Audit

42. National Rural Credit (Long Term Operations) Fund.-

1.     The National Bank shall establish and maintain a Fund to be known as the National Rural Credit (Long Term Operations) 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 amount in the said Fund shall be applied by the National Bank only to provide financial assistance by way of loans and advances under section 23, section 24, sub-section (1) of section 25 or section 27 or for the purposes of section 26.



National Bank for Agriculture and Rural Development Act, 1981 Back




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