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Reserve Bank power to prohibit deposits and restrict asset transfers to protect public interest and depositors. The Reserve Bank may, by order, prohibit a housing finance institution which is a company from accepting any deposit for violating provisions or failing to comply with directions or orders. The Reserve Bank may also direct such a company not to sell, transfer, create charge or mortgage or otherwise deal with its property and assets without prior written permission of the National Housing Bank for a period not exceeding six months when necessary in the public interest or interest of depositors.
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.
<h1>Reserve Bank power to prohibit deposits and restrict asset transfers to protect public interest and depositors.</h1> The Reserve Bank may, by order, prohibit a housing finance institution which is a company from accepting any deposit for violating provisions or failing to comply with directions or orders. The Reserve Bank may also direct such a company not to sell, transfer, create charge or mortgage or otherwise deal with its property and assets without prior written permission of the National Housing Bank for a period not exceeding six months when necessary in the public interest or interest of depositors.
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