Lok Sabha Passes Bill to Raise NABARD’s Capital to Rs 30,000 crores

Posted on:04 Aug 2017 16:42:39
Lok Sabha Passes Bill to Raise NABARD’s Capital to Rs 30,000 crores
04 August 2017 Current Affairs: The Lok Sabha passes a bill to enable exit of Reserve Bank of India (RBI) from National Bank For Agriculture & Rural Development (NABARD) and increase authorized capital of the development institution six times to Rs 30,000 crores.

The Bill substitutes references to provisions of the Companies Act, 1956 under the NABARD Act, 1981, with references to the Companies Act, 2013.

The Bill replaces the terms ‘small-scale industry’ and ‘industry in the tiny and decentralized sector’ with the terms ‘micro enterprise’, ‘small enterprise’ and ‘medium enterprise’ as defined in the MSME Development Act, 2006.

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