Section 15 in The National Bank For Agriculture And Rural Development (Amendment) Act ,2000
15. Amendment of section 28.-
In section 28 of the principal Act, for sub- section (3), the following sub- section shall be substituted, namely:-(3)Notwithstanding anything contained in sub- section (1) or sub- section (2), no guarantee or security referred to therein shall be required in cases in which the Board, for reasons to be recorded in writing, decides that no such security or guarantee is necessary in respect of a scheduled bank, a State co- operative bank or any person or class of persons, specifically approved by the Board or in respect of any scheme or class of schemes, having regard to the nature and scope of the scheme or schemes for which accommodation is proposed to be granted by the National Bank.
