Community Reinvestment Act

The Federal 'Community Reinvestment Act' (CRA) was enacted to ensure that everyone has access to credit and banking services. The CRA mandates that federally-insured depository institutions help meet the credit needs of the communities in which they are located, including the needs of people with low and moderate incomes and their neighborhoods. It was enacted by the Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). Bank of India has been engaged in CRA grants / investments / lending since 1996 to various Social Organizations in the boroughs of New York.