Section 33B: Guidelines by the State Bank

33B. Guidelines by the State Bank.--The State Bank may at any time either on the request of any one or more banking companies or the Federal Government or sue motu, lay down general guidelines for facilitating recovery of bad or doubtful loans, advances or finance by giving incentives to borrowers or customers to make repayments within a specified time frame by making adjustments or remissions in relation to interest or mark-up or part of the principal amount in cases in which all full recovery is not possible by reason of inadequacy of security or as part of a general scheme for the rehabilitation of sick units.]

Effective date: 1962-06-07

Related sections