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Section 15 – The Small Industries Development Bank of India Act,1989

The Small Industries Development Bank of India Act,1989

Section 15. Borrowings and acceptance of deposits by the Small Industries Bank

(1) The Small Industries Bank any, 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;

(b) Borrow money from the Reserve Bank-

(i) Repayable on demand or on the expiry of the fixed periods not exceeding ninety days from the date on which the money is so borrowed against the security of stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by any law of the time being in force in India;

(ii) Against bills of exchange or promissory notes arising out of bona fide commercial or trade transactions, bearing two or more goods signatures and maturing within five years from the date of the borrowing;

(iii) Out of the National Industrial Credit (Long Term Operations) Fund established under section 46C of the Reserve Bank of India Act,1934 (2 of 1934), for any of the purposes specified in that section;

(c) Borrow money from the Development Bank or such other authority, organisation or institution as may be generally or specially approved by the Development Bank;

(d) Accept deposits repayable after the expiry of such period and on such terms as may be generally or specially approved by the Development Bank.

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

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The Small Industries Development Bank of India Act,1989

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