Subs. by s. 158, ibid., for section 30A (w.e.f. 9-8-2019). — THE NATIONAL HOUSING BANK ACT, 1987

6. Subs. by s. 158, ibid., for section 30A (w.e.f. 9-8-2019). case may be, and such housing finance institutions shall be bound to follow the policy so determined and the direction so issued. (2) Without prejudice to the generality of the powers vested under sub-section (1), the Reserve Bank may give directions to housing finance institutions which are companies generally or to a group of such housing finance institutions or to any housing finance institution which is a company in particular as to— (a) the purpose for which advances or other fund-based or non-fundbased accommodation may not be made; and (b) the maximum amount of advances or other financial accommodation or investment in shares and other securities which, having regard to the paid-up capital, reserves and deposits of the housing finance institution and other relevant considerations, may be made by that housing finance institution to any person or a company or to a group of companies. (3) The Reserve Bank may, if it considers necessary in the public interest so to do, issue directions to housing finance institutions which are companies accepting deposits referred to in section 31, either generally or to any group of such housing finance institutions accepting deposits, and in particular, in respect of any matters relating to, or connected with, the receipt of deposits, including credit rating of the housing finance institution which is a company accepting deposits, the rates of interest payable on such deposits, and the periods for which deposits may be received. (4) If any housing finance institution which is a company accepting deposits fails to comply with any direction issued under sub -section (3), the Reserve Bank may, by order, prohibit the acceptance of deposits by that housing finance institution.]

Section 6