Reserve Bank power to prohibit deposit acceptance and restrict asset dealings to protect depositors and public interest. The Reserve Bank may prohibit a housing finance company from accepting deposits if it violates statutory provisions or fails to comply with directions of the National Housing Bank or the Reserve Bank. Additionally, the Reserve Bank may direct that such a company not sell, transfer, charge, mortgage or otherwise deal with its property or assets without prior written permission of the National Housing Bank where necessary in the public interest or to protect depositors, as a temporary measure.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reserve Bank power to prohibit deposit acceptance and restrict asset dealings to protect depositors and public interest.
The Reserve Bank may prohibit a housing finance company from accepting deposits if it violates statutory provisions or fails to comply with directions of the National Housing Bank or the Reserve Bank. Additionally, the Reserve Bank may direct that such a company not sell, transfer, charge, mortgage or otherwise deal with its property or assets without prior written permission of the National Housing Bank where necessary in the public interest or to protect depositors, as a temporary measure.
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