National Bank for Agriculture and Rural Development Act, 1981 Section 32 - Bare Act

¹[32. Issue of guarantees. --

The National Bank may guarantee, subject to such directions as may be issued by the Board, from time to time, deferred payments in connection with the purchase of capital goods or for any other purpose for giving effect to the provisions of this Act, due from any person or class of persons, whether incorporated or not.]

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1. Substituted by National Bank For Agriculture And Rural Development (Amendment) Act, 2000 (55 of 2000).

Prior to substitution it read as under:

"32. Issue of guarantees. --

The National Bank may guarantee, with the prior approval of the Central Government and on such terms and conditions as may be agreed upon deferred payments in connection with the purchase of capital goods

(i) due from a co-operative society approved by the Reserve Bank in this behalf or such other institution which may, on the recommendation of the Reserve Bank, be approved by the Central Government in this behalf, or

(ii) due from any other person and guaranteed to the National Bank by a State land development bank or a State co-operative bank or a scheduled bank."