Transfer of land in the form of simple mortgage permitted in favour of the Jammu and Kashmir Bank Ltd. and other Scheduled Banks

A. Notwithstanding anything contained in this Act, it shall be lawful for a person to transfer land in the form of a simple mortgage in favour of-

1. (i) the Jammu and Kashmir Bank Ltd. ; or
2. (ii) the Industrial Development Bank of India ; or
3. (iii) a Bank for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934 ; and having an office for transacting the business of banking in the State ; or
4. (iv) the Industrial Credit and Investment Corporation of India ; or
5. (v) the Housing and Urban Development Corporation Ltd., New Delhi ; or
6. (vi) the Jammu and Kashmir State Financial Corporation established under the State Financial Corporation Act, 1951 ; or
7. (vii) the Unit Trust of India ; or
8. (viii) the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 ; or
9. (ix) the Industrial Finance Corporation of India established under the Industrial Finance Corporation Act, 1948 :