The Punjab Agriculture Credit Operations and Miscellaneous Provisions (Banks) Act, 1978
The Punjab Agriculture Credit Operations and Miscellaneous Provisions (Banks) Act, 1978
This Act regulates agricultural credit operations and financial assistance provided by commercial banks, co-operative societies, and financial institutions across the State of Punjab. It applies to farmers, agricultural workers, dairy and livestock producers, co-operative societies, and banking entities operating within the state. The law simplifies how agricultural loans are secured by enabling farmers to easily create legal charges or mortgages on their crops, land, or movable assets in favour of banks. It establishes priority rights for bank loans, streamlines recovery processes through revenue officials, and facilitates bank financing for co-operative societies. Ultimately, it expands institutional credit access for rural communities by reducing legal hurdles and protecting lender security.
- 1. Short title, extent and commencement
- 2. Definitions
- 3. Charge on crop and other moveable property in favour of bank
- 4. Creation of charge on land in favour of bank by declaration
- 4-A. Registration of charge in favour of bank
- 4-B. Nothing of charge created in favour of bank in the record of rights
- 5. Removal of disability in creation of charges and mortgages
- 6. Priority of charges and mortgages in favour of Government bank and Co-operative society
- 7. Restrictions on creation of tenancy by agriculturist borrower
- 8. Recovery of dues of bank through prescribed authority
- 9. Rights of bank to acquire and dispose of immovable property
- 10. Bank eligible to become member of Co-operative society
- 11. Power of Co-operative societies to borrow from bank
- 12. Inspection of books of Co-operative society by bank
- 13. Disputes between bank and Co-operative society
- 14. Settlement of disputes
- 15. Procedure for hearing of disputes
- 16. Decision of Registrar or his nominee or board of nominees
- 17. Recovery of money awarded
- 18. Powers of banks to proceed against defaulting members of co-operative society
- 19. Audit, inspection and inquiry reports of societies to be available to banks
- 20. Exemption from legislations relating to money lending and agriculturist's debt relief
- 21. Mortgages executed by managers of joint Hindu families
- 22. Modified application of section 8 of Central Act 32 of 1956
- 23. Power to make rules
- FORM OF DECLARATION AND AGREEMENT - WITNESS SECTION. Witness and Signature Block
PDF: pending for this language.