Clause 154 - Amendment of section 29B. - FINANCE (No. 2) BILL, 2019

Amendment of section 29B.

154. In section 29B of the principal Act,-

(i) for the words “housing finance institution” wherever they occur, the words “housing finance institution which is a company” shall be substituted;

(ii) in sub-section (1), for the words “National Housing Bank”, the words “Reserve Bank” shall be substituted;

(iii) in sub-section (2), for the words “such higher percentage not exceeding twenty-five per cent., as the National Housing Bank may”, the words “such higher percentage not exceeding twenty-five per cent., as the Reserve Bank may” shall be substituted;

(iv) in sub-section (3), for the words “National Housing Bank” at both the places where they occur, the words “Reserve Bank” shall be substituted.

 

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Notes on Clauses:

Clause 154 of the Bill seeks to amend section 29B of the said Act relating to maintenance of percentage of assets.