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15. Borrowings and acceptance of deposits by National Housing Bank.-

(1) The National Housing Bank may, for the purpose of carrying out its functions under this Act-

(a) issue and sell bonds and debentures with or without the guarantee of the Central Government, in such manner and on such terms as may be prescribed;

(b) borrow money from3[the Central Government, scheduled banks, financial institutions, mutual funds] and from any other authority or organisation or institution approved by that Government on such terms and conditions as may be agreed upon;

(c) accept deposits repayable after the expiry of 4[such period and] on such terms as may generally or specially be approved by the Reserve Bank: 5[Provided that nothing contained in this clause shall apply to deposits accepted under the scheme formulated by the Bank in pursuance of clause (hh) of section 14;]

(d) borrow money from the Reserve Bank-

1[(i) by way of loans and advances and generally obtain financial assistance in such manner or on such terms and conditions as may be specified by the Reserve Bank;]

(ii) out of the National Housing Credit (Long Term Operations) Fund established under section 46D of the Reserve Bank of India Act, 1934 (2 of 1934) or any of the purposes specified in that section;

(e) receive for services rendered, such remuneration, commission, commitment charges, consultancy charges, service charges, royalties, premia, licence fees and any other consideration of whatever description;

(f) receive gifts, grants, donations or benefactions from Government or any other source.

(2) The Central Government may, on a request being made to it by the National Housing Bank, guarantee the bonds and debentures issued by the National Housing Bank as to the repayment of principal and the payment of interest at such rate as may be fixed by that Government.

1. Subs. by Act 15 of 2000, s. 7, for clause (f) (w.e.f. 12-6-2000).

2. Ins. by Act 47 of 1991, s. 5 (w.e.f. 20-9-1991).

3. Subs. by Act 15 of 2000, s. 8, for "the Central Government" (w.e.f. 12-6-2000).

4. Subs. by s. 8, ibid., for "a period which shall not be less than twelve months from the date of the making of the deposit" (w.e.f. 12-6-2000).

5. Added by Act 47 of 1991, s. 5 (w.e.f. 20-9-1991).

National Housing Bank Act, 1987 Back

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