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Section 33A: Power of Reserve Bank to prohibit acceptance of deposit and alienation of assets.

The National Housing Bank Act, 1987Central Act · Act 53 of 1987

[33A. Power of Reserve Bank to prohibit acceptance of deposit and alienation of assets.-- (1) If any housing finance institution which is a company violates the provisions of any section or fails to comply with any direction or order given by the National Housing Bank or the Reserve Bank, under any of the provisions of this Chapter, the Reserve Bank may, by order, prohibit such housing finance institution from accepting any deposit.

(2) Notwithstanding anything to the contrary contained in any agreement or instrument or any law for the time being in force, the Reserve Bank on being satisfied that it is necessary so to do in the public interest or in the interest of the depositors, may direct the housing finance institution which is a company, against which an order prohibiting from accepting deposit has been issued, not to sell, transfer, create charge or mortgage or deal in any manner with its property and assets without prior written permission of the National Housing Bank for such period not exceeding six months from the date of the order.]

Where this provision sits

ActThe National Housing Bank Act, 1987
Section33A
Marginal notePower of Reserve Bank to prohibit acceptance of deposit and alienation of assets.
JurisdictionCentral
StatusIn 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. 162, ibid., for section 33A (w.e.f. 09-08-2019).

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