National Bank for Financing Infrastructure and Development Act, 2021

Bare Act · 2021

An Act to establish the National Bank for Financing Infrastructure and Development to support the development of long term non-recourse infrastructure financing in India including development of the bonds and derivatives markets necessary for infrastructure financing and to carry on the business of financing infrastructure and for matters connected therewith or incidental thereto.

Act number: 17 of 2021
Enacted: 28 March 2021
Contents: 48 sections · 7 chapters

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Contents

Chapter I — Preliminary

Chapter II — Establishment And Incorporation Of Institution

Chapter III — Board Of Directors And Management

Section 6 – Board of Directors (preview)
Section 7 – Management (preview)
Section 8 – Delegation of powers (preview)
Section 9 – Term of office and other terms and conditions of service of Chairperson and other directors of Board (preview)
Section 10 – Disqualification and removal of directors from office (preview)
Section 11 – Removal of Chairperson and other directors in certain cases (preview)
Section 12 – Vacation and resignation of office by directors (preview)
Section 13 – Meetings of Board (preview)
Section 14 – Defects in appointment not to invalidate acts, etc (preview)
Section 15 – Committees of Board (preview)
Section 16 – Disclosure of interest by members of Board or of committees (preview)

Chapter IV — Activities Of Institution

Section 17 – Functions and powers of Institution (preview)
Section 18 – Prohibited business (preview)
Section 19 – Related party transactions (preview)
Section 20 – Performance review of Institution (preview)

Chapter V — Government Grants, Guarantees And Other Concessions

Section 21 – Grants and contribution (preview)
Section 22 – Concessional rate of Government guarantee (preview)
Section 23 – Hedging costs (preview)

Chapter VI — Accounts, Audit And Report

Section 24 – Disposal of profit accruing to Institution, to reserve fund (preview)
Section 25 – Preparation of balance sheet and accounts (preview)
Section 26 – Audit (preview)
Section 27 – Returns and report (preview)

Chapter VII — Miscellaneous

Section 28 – Receivables to be held in trust (preview)
Section 29 – Setting up of other development financial institution (preview)
Section 30 – Officers and employees (preview)
Section 31 – Powers of Central Government to make rules (preview)
Section 32 – Powers of Board to make regulations (preview)
Section 33 – Rules and regulations to be laid before Parliament (preview)
Section 34 – Protection of action taken in good faith (preview)
Section 35 – Sanction for enquiry, inquiry, investigation and prosecution (preview)
Section 36 – Appointment of directors by Institution to prevail (preview)
Section 37 – Validity of loan or advance not to be questioned (preview)
Section 38 – Obligations as to fidelity and secrecy (preview)
Section 39 – Adjudication (preview)
Section 40 – Indemnity of directors (preview)
Section 41 – Bankers’ Books of Evidence Act, 1891 to apply in relation to the Institution (preview)
Section 42 – Section 34A and 36AD of the Banking Regulation Act, 1949 to apply to Institution (preview)
Section 43 – Liquidation of Institutions (preview)
Section 44 – Powers of Central Government to issue directions (preview)
Section 45 – Overriding effect of this Act (preview)
Section 46 – Power to remove difficulties (preview)
Section 47 – Amendment of Act 2 of 1934 (preview)
Section 48 – Amendment of Act 10 of 1949 (preview)