Section 42   [ View Judgements ]

Delegation of certain powers of Reserve Bank to National Bank


(1) The Central Government, in consultation with the Reserve Bank may, by notification, delegate any of the powers of the Reserve Bank conferred under this Act, except under sections 30, 37 and 49, to the National Bank or any agency under the control of the Central Government in respect of any micro finance institution or a class of micro finance institutions or micro finance institutions generally, subject to such conditions as it deems fit.



(2) Any notification issued under sub-section (1) shall specify the specific powers under various provisions of this Act which are delegated to the National Bank or any agency under the control of the Central Government.



(3) The National Bank or agency under the Control of the Central Government shall exercise the powers delegated by the Central Government subject to such conditions as may be specified in the notification under sub-section (1) and such directives and guidelines which may be issued by the Reserve Bank from time to time.



(4) Any action taken by the National Bank or agency under the Control of the Central Government pursuant to the delegation of powers under sub-section (1) shall be deemed to be the action of the Reserve Bank and provisions contained in section 17 for appeal shall be applicable.

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