State Agricultural Credit Corporations Act, 1968

20. Borrowing by the Corporation.

Subject to the provisions of this Act, the Corporation may, for the purposes of carrying out its functions under this Act,-

1. re-discount with or sell to the Reserve Bank or borrow money from that Bank and for that purpose, the Corporation shall be deemed to be a State Co-operative Bank within the meaning of clause 2 (a), clause 2 (b), clause 177.2(bb) and clause (4) of section 17, sub-section (2) of section 46A and sub-section (2) of section 46B of the Reserve Bank of India Act, 1934 (2 of 1934);
2. borrow money from the Central Government or the State Government or such other authority or institution as approved in this behalf by the Central Government, on such terms and conditions as may be agreed upon.

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