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Amendment of section 37

Reserve Bank at both the places where they occur, the words the Central Government shall be substituted. Clauses 159 to 174 of the Bill seek to amend certain provisions of the National Housing Bank Act, 1987. Accordintly, throughout the Act, consequential amendments have been made to omit or substitute the reference of Reserve Bank with Central Government. It is proposed to transfer the ownership .....

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aid Act so as to reduce the number of directors of the Reserve Bank of India to be part of the Board of Directors from "two" to "one". Certain further consequential amendments have been made to give reference of the Companies Act, 2013 and the Foreign Exchange Management Act, 1999 in place of the Companies Act, 1956 and the Foreign Exchange Regulation Act, 1973, respectively. - .....

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