section 37
State Development Bank's Power of supervision and making regulations.
The Madhya Pradesh Sahakari Krishi Aur Gramin Vikas Bank Adhiniyam, 1999Finance199963 sections
Statutory text
- (1) The State Development Bank may have general powers of supervision over the District Development Banks and may subject to the prior approval of the State Government make regulations in this behalf in conformity with this Act and Rules made thereunder and not inconsistent with the provisions of the Madhya Pradesh Co-operative Societies Act, 1960 (No. 17 of 1961) or the rules made thereunder.
- (2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for the following matters, namely:—
- (a) for inspection of the account books and proceedings of District Development Banks;
- (b) for submission of returns and reports by District Development Banks in respect of their transactions;
- (c) for periodic settlement of accounts between District Development Banks and the State Development Bank and for payment of the amounts recovered by District Development Banks on securities transferred or deemed to have been transferred to the State Development Bank;
- (d) for the form in which application to District Development Banks for loans should be made and for the valuation of the properties offered as security for such loans;
- (e) for prescribing procedure for application for grant of certified copies;
- (f) for investment of moneys realised from loanees;
- (g) for the programme and policy to be followed by District Development Banks for advancing loans, the duration of loans and the rates of interest to be charged thereon;
- (h) for the types and extent of security to be obtained by the District Development Banks for advancing loans; and
- (i) generally for carrying out the purposes of this Act.
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