Transfer of ownership of National Housing Bank to Central Government alters governance, capital powers, and statutory references. Amendments transfer ownership and associated powers of the National Housing Bank from the Reserve Bank of India to the Central Government, omit a reference in section 43(5) to section 54AA of the Reserve Bank Act, and make consequential substitutions throughout the Act. The Bill empowers the Central Government to set the head office location, increase authorised capital by notification, receive transfer of subscribed capital from the Reserve Bank, reduce Reserve Bank representation on the board, and update statutory cross-references to current company and foreign exchange laws.
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Transfer of ownership of National Housing Bank to Central Government alters governance, capital powers, and statutory references.
Amendments transfer ownership and associated powers of the National Housing Bank from the Reserve Bank of India to the Central Government, omit a reference in section 43(5) to section 54AA of the Reserve Bank Act, and make consequential substitutions throughout the Act. The Bill empowers the Central Government to set the head office location, increase authorised capital by notification, receive transfer of subscribed capital from the Reserve Bank, reduce Reserve Bank representation on the board, and update statutory cross-references to current company and foreign exchange laws.
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