National Bank for Agriculture and Rural Development Act, 1981
Bare Act · 1981
An Act to establish a development bank to be known as the National Bank for Agriculture and Rural Development for providing and regulating credit and other facilities for the promotion and development of agriculture, 2 [micro-enterprises, small enterprises and medium enterprises, cottage and village industries, handlooms] handicrafts and other rural crafts and other allied economic activities in rural areas with a view to promoting integrated rural development and securing prosperity of rural areas and for matters connected therewith or incidental thereto.].
- Act number
- 61 of 1981
- Enacted
- 30 December 1981
- Contents
- 69 sections · 10 chapters
The first 5 sections are free to read. Sign in free to read the rest.
Contents
Chapter I — Preliminary
Chapter II — Establishment Of The National Bank For Agriculture And Rural Development And Capital Thereof
- Section 3 – Establishment and incorporation of National Bank for Agriculture and Rural Development
- Section 4 – Capital
Chapter III — Management Of The National Bank
- Section 5 – Management
- Section 6 – Board of Directors (preview)
- Section 7 – Term of office of Chairman and other directors, retirement and payment of fees (preview)
- Section 8 – Term of office of Managing Director and whole-time directors, conditions of service, etc (preview)
- Section 9 – Disqualifications (preview)
- Section 10 – Vacation and resignation of office by directors (preview)
- Section 11 – Casual vacancy in the office of Managing Director (preview)
- Section 12 – Meetings of Board (preview)
- Section 13 – Committees of National Bank (preview)
- Section 14 – Advisory Council (preview)
- Section 15 – Member of Board or Committee thereof not to participate in meetings in certain cases (preview)
Chapter IV — Transfer Of Business To The National Bank
- Section 16 – Transfer of assets and liabilities of Agricultural Refinance and Development Corporation (preview)
- Section 17 – Dissolution of the Corporation and repeal of Act 10 of 1963 (preview)
- Section 18 – Transfer of business from Reserve Bank (preview)
Chapter V — Borrowings By The National Bank
- Section 19 – Borrowings by the National Bank (preview)
- Section 20 – Borrowings in foreign currency (preview)
Chapter VI — Credit Functions Of The National Bank
- Section 21 – Production and marketing credit (preview)
- Section 22 – Conversion loan for production credit (preview)
- Section 23 – Rescheduling of loans to artisans, small-scale industries, etc (preview)
- Section 24 – Investment credit--medium term (preview)
- Section 25 – Other investment credit (preview)
- Section 26 – Purchase and sale of shares (preview)
- Section 27 – Loans to State Governments for share capital contribution (preview)
- Section 27A – Loans to State Government, undertakings, etc (preview)
- Section 28 – Security for credit (preview)
- Section 29 – Amounts and securities to be held in trust (preview)
- Section 30 – Direct loans (preview)
- Section 30A – Bills rediscounting (preview)
- Section 31 – Commission (preview)
- Section 32 – Issue of guarantees (preview)
- Section 33 – Power to impose conditions for accommodation (preview)
- Section 34 – Power to call for repayment before agreed period (preview)
- Section 35 – National Bank to have access to records (preview)
- Section 36 – Validity of loan or advance not to be questioned (preview)
- Section 37 – National Bank not to grant loans or advances against its own bonds or debentures (preview)
- Section 37A – Prohibited business (preview)
Chapter VII — Other Functions Of The National Bank
- Section 38 – Other functions of National Bank (preview)
- Section 38A – Promotion of subsidiaries (preview)
- Section 38B – Securitisation of debt (preview)
- Section 38C – Exemption from compulsory registration (preview)
- Section 39 – Incidental powers (preview)
- Section 40 – Deposits and investments (preview)
- Section 41 – Credit information (preview)
Chapter VIII — Funds, Accounts And Audit
- Section 42 – National Rural Credit (Long Term Operations) Fund (preview)
- Section 43 – National Rural Credit (Stabilisation) Fund (preview)
- Section 44 – Research and Development Fund (preview)
- Section 45 – Reserve Fund and other Funds (preview)
- Section 46 – Preparation of balance-sheet, etc., of National Bank (preview)
- Section 47 – Disposal of surplus (preview)
- Section 48 – Audit (preview)
- Section 49 – Returns (preview)
Chapter IX — Staff
- Section 50 – Staff of National Bank (preview)
Chapter X — Miscellaneous
- Section 51 – Obligation as to fidelity and secrecy (preview)
- Section 52 – Defects in appointment not to invalidate acts, etc (preview)
- Section 52A – Agreement with National Bank on appointment of directors to prevail (preview)
- Section 53 – Protection of action taken under the Act (preview)
- Section 54 – Indemnity of directors (preview)
- Section 55 – [Omitted] (preview)
- Section 56 – Penalties (preview)
- Section 57 – Offences by companies (preview)
- Section 58 – Bankers' Books Evidence Act, 1891, to apply in relation to National Bank (preview)
- Section 59 – Liquidation of National Bank (preview)
- Section 60 – Power of Board to make regulations (preview)
- Section 61 – [Repealed.] (preview)
- Section 62 – Power to remove difficulty (preview)