Section 46A - Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilization) Fund, Section 46C - National Industrial Credit (Long Term Operations) Fund : RBI Act 1934

What is Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilization) Fund? What is National Industrial Credit (Long Term Operations) Fund? Section 46A and 46C of Reserve Bank of India Act 1934

 

 

Section 46-A of RBI Act 1934 : "Contribution to National Rural Credit (Long Term Operations) Fund and National Rural Credit (Stabilization) Fund"

The Bank shall contribute every year such sums of money as it may consider necessary and feasible to do so, to the National Rural Credit (Long Term Operations) Fund and the National Rural Credit (Stabilization) Fund established and maintained by the National Bank under sections 42 and 43, respectively, of the National Bank for Agriculture and Rural Development Act, 1981

 

Section 46C of RBI Act 1934 : "National Industrial Credit (Long Term Operations) Fund."

(1) The Bank shall establish and maintain a Fund to be known as the National Industrial Credit (Long Term Operations) Fund to which shall be credited-

(a) an initial sum of ten crores of rupees by the Bank,

(b) such further sums of money as the Bank may contribute every year :

Provided that the annual contribution during each of the five years commencing with the year ending on the 30th day of June, 1965 shall not be less than five crores of rupees :

Provided further that the Central Government may, if the circumstances so require, authorise the Bank to reduce the said sum of five crores of rupees in any year.

(2) The amount in the said fund shall be applied by the Bank only to the following objects, namely :-

(a)
(b)

(c) the making to the Exim Bank or the Reconstruction Bank or the Small Industries Bank, as the case may be, of loans and advances for the purposes of any business of the Exim Bank or the Reconstruction Bank or the Small Industries Bank, as the case may be ;

(d) the purchasing of bonds and debentures issued by the Exim Bank or the Reconstruction Bank or the Small Industries Bank, as the case may be.