The Industrial Development Bank of India Act, 1964

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The Industrial Development Bank of India Act, 1964


[16th May, 1964.] BE

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.






Short title, extent and commencement.

1. Short title, extent and commencement.- (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 2* as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act.



2. Definitions.- 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;

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

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

[See footnote 1 for this section]

(ii) shipping;

1*[(iii) mining including development of mines]

(iv) the hotel industry;

2*[(v) the transport of passengers or goods by road or by water or [by air or by ropeway or by life]

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

(vii) the maintenance, repair, testing or servicing of 3*[machinery or equipment] 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;

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

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

(xi) providing special or technical knowledge or other services for the promotion of industrial growth; or 1*[(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 to 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 articl...

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