Chapter IV — General Provisions
Section 46D: National Housing Credit (Long Term Operations) Fund
Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026
Section 46D establishes the National Housing Credit (Long Term Operations) Fund and provides for annual RBI contributions and use for loans/advances to, or purchase of bonds/debentures of, the National Housing Bank within the statutory framework.
Operative provisionOfficial sources mappedProvision-specific decode
Finin2min - Section 46D in 2 minutes
Statutory structure and clause / subsection decode
This map separates the operative limbs of this provision so thresholds, powers, conditions and exceptions are not collapsed into a single summary.
Scope
Section 46D establishes the National Housing Credit (Long Term Operations) Fund and provides for annual RBI contributions and use for loans/advances to, or purchase of bonds/debentures of, the National Housing Bank within the statutory framework.
Operative limb
The provision is institution-specific and supports housing-credit development through NHB, not direct RBI housing loans to individuals or developers.
Legal boundary
Read it with Section 17 provisions authorising assistance to NHB and with the NHB Act/current institutional arrangements.
Worked practical example
Facts. A housing-finance company cannot demand Section 46D funding directly from RBI; any support must follow the statutory NHB channel or other applicable RBI facility.
Compliance points and common mistakes
- Do not decide the issue from the heading alone. Map the facts to the operative words of Section 46D and to each relevant subsection, clause, proviso or explanation shown above.
- Keep the statutory question separate from the operational overlay. Read it with Section 17 provisions authorising assistance to NHB and with the NHB Act/current institutional arrangements.
- Do not convert an exception, exemption or discretionary RBI/Government power into an automatic entitlement. Record the authority, conditions and effective date.
- Where the provision is historical, omitted or repealed, state that status prominently and do not present it as a current compliance obligation.
Connected provisions and instruments
Section 46D has no universal instrument dependency in this package. Add an RBI circular or direction only when its subject, entity and effective date cover the issue being analysed.
Questions and answers
What is the purpose of Section 46D?
National Housing Credit (Long Term Operations) Fund: Section 46D establishes the National Housing Credit (Long Term Operations) Fund and provides for annual RBI contributions and use for loans/advances to, or purchase of bonds/debentures of, the National Housing Bank within the statutory framework.
Which statutory limb should be checked first?
Scope - Section 46D establishes the National Housing Credit (Long Term Operations) Fund and provides for annual RBI contributions and use for loans/advances to, or purchase of bonds/debentures of, the National Housing Bank within the statutory framework.
What is the next legal boundary?
Operative limb - The provision is institution-specific and supports housing-credit development through NHB, not direct RBI housing loans to individuals or developers.
What record should support the conclusion?
Section 46D file evidence: For fund reporting, trace RBI contribution, fund balance, NHB instrument/advance and statutory purpose.
Primary sources
- Department of Financial Services - consolidated RBI Act (states amendments through Finance Act, 2022)
- India Code - Reserve Bank of India Act, 1934
Source control for Section 46D: use the official consolidated RBI Act for the statutory text and footnotes, then separately reconcile any post-Finance Act 2022 amendment, commencement notification or RBI instrument relevant to the event date.