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THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964

Title : THE INDUSTRIAL DEVELOPMENT BANK OF INDIA ACT, 1964

Year : 1964

[Act, No. 18 of 1964]
[16th May, 1964]

PREAMBLE

An Act to establish the industrial Development Bank of India,1*[as the principal financial institution for co-ordinating, in conformity with national priorities, the working of institutions engaged in financing, promoting or developing industry, for assisting the development of such institutions] for providing credit and other facilities for the development of industry and for matters connected therewith and further to amend certain enactments.

BE it enacted by Parliament in the Fifteenth Year of the Republic of India as follows:-

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1. Inserted by Act 52 of 1975, section 2.

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(1) This Act may be called the Industrial Development Bank of India Act, 1964.

(2) It extends to the whole of India.

(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act.



In this Act, unless the context otherwise requires,-

(a)"Board" means the Board of Directors of the Development Bank;

(b)"Development Bank" means the Industrial Development Bank of India established under section 3;

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1[(c)"industrial concern" means any concern engaged or to be engaged in,-

(i) The manufacture, preservation or processing of goods;

(ii) Shipping;

2*[(iii) Mining included development of mines;]

(iv) The hotel industry;

(v) The transport of passengers or goods by road or by water or 3* [by air or by ropeway or by lift;]

4*[(vi) The generation, storage or distribution of electricity or any other form of energy; ]

(vii) The maintenance, repair, testing or servicing of 5*[machinery or equivalent] of any description or vehicles or vessels or motor boats or trailers or tractors;

(viii) Assembling, repairing or packing any article with the aid of machinery or power;

6*[(ix) The setting up of, or development of, an industrial area or an industrial estate; ]

(x) Fishing or providing shore facilities for fishing or maintenance thereof;

(xi) Providing special or technical knowledge or other services for the promotion of industrial growth; or

7*[(xii) Providing engineering, technical, financial management, marketing or other services or facilities for industry;

(xiii) Service industry such as altering, ornamenting, polishing, finishing, oiling, washing, cleaning or otherwise treating or adapting any article or substance with a view of its use, sale, transport, delivery or disposal;

(xiv) Providing medical, health or other allied services;

(xv) Providing services relating to information technology, telecommunication or electronics;

(xvi) Leasing, sub-leasing or giving on hire or hire purchase of industrial plants, equipments, machinery or other assets including vehicles, ships and aircraft;

(xvii) Such other activity as the Central Government may, having regard to the objects of this Act, by notification in the Official Gazette, specify in this behalf; or

(xviii) The research and development of any concept, technology design, process or product whether in relation to any of the matters aforesaid, including any activities specified under sub-clause (xvii), or any other matter.

Explanation.-The expression "processing of goods" includes any art or process for producing, preparing or making an article by subjecting any material to a manual, mechanical, chemical electrical or any other like operation; ]

8*[(d) "Industrial Finance Corporation" means the Industrial Finance Corporation of India Limited formed and registered under the Companies Act, 1956(1 of 1956); ]

9*[(da)"Nationalised bank" means a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980 (40 of 1980); ]

(e) "Prescribed" means prescribed by regulations made under this Act;

(f) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934);

(g) "Scheduled bank" means a bank for the time being included in the Second Schedule to the Reserve Bank of India Act.1934 (2 of 1934);

10*[(ga) "State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955);

(gb) "subsidiary bank" has the meaning assigned to it in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of1959);]

(h) "State Co-operative Bank" has the same meaning as in the Reserve Bank of India Act, 1934 (2 of 1934);

(i) "State Financial Corporation" means a financial corporation established under section 3 or section 3 A of the State Financial Corporation Act, 1951 (63 of 1951) and includes the 11*[Tamil Nadu ] Industrial Investment Corporation Limited;

10*[(j) "Unit Trust" means the Unit Trust of India established under section 3 of the Unit Trust of India Act, 1963(52 of 1963).]

2.Substituted by act 35 of 1986,section2, for sub-clause (iii) (w.e.f. 14-8-1986)

3.Substituted by act 35 of 1986,section2, for "by air" (vi) (w.e.f. 14-8-1986)

4.Substituted by act 35 of 1986,section2, for sub-clause (vi) (w.e.f. 14-8-1986)

5.Substituted by act 35 of 1986,section2, for "Machinery" (w.e.f. 14-8-1986)

6.Substituted by Act 35 of 1986,section2, for Sub-Clause (ix) (w.e.f. 14-8-1986).

7.Substituted by Act 35 of 1986,section2, for Sub-Clause (xii) and Explanation (w.e.f.14-8-1986).

8.Substituted by Act 5 of 1995,section2, for Clause (d) (w.r.e.f. 12-10-1994).

9.Inserted by Act52 of 1975,section3 and Substituted by Act 35 of 1986,section2.

10.Inserted by Act52 of 1975,section3.

11.Substituted by Act 75 of 1972,section2, for "Madras".

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Last updated on July, 2016

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