Section 40: Deposits and investments.

The National Bank for Agriculture and Rural Development Act, 1981Central Act · Act 61 of 1981

[40. Deposits and investments.--(1) The National Bank may invest its funds in promissory notes, stocks or securities of the Central Government or keep the moneys deposited with the Reserve Bank or with any agency of the Reserve Bank or with a State co-operative bank or a scheduled bank.

(2) Notwithstanding anything contained in sub-section (1) or section 30A, the National Bank may, for beneficial investment of its surplus funds, rediscount bills of exchange or promissory notes arising out of bona fide trade and commercial transactions and also lend repayable at call or short notice to a scheduled bank or any financial institution approved by the Reserve Bank, or invest in certificates of deposit and other instruments or schemes as may be approved by the Board.]

Where this provision sits

Act	The National Bank for Agriculture and Rural Development Act, 1981
Section	40
Marginal note	Deposits and investments.
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

substituted. . Subs. by s. 25, ibid., for section 40 (w.e.f. 1-2-2001).

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