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National Bank for Agriculture and Rural Development Act, 1981

[30th December, 1981]

Contents

 

Sections

Particulars

Chapter I

Preliminary

1

Short title, extent and commencement

2

Definitions

Chapter II

Establishment of the National Bank for Agriculture and Rural Development and Capital Thereof

3

Establishment and incorporation of National Bank for Agriculture and Rural Development

4

Capital

Chapter III

Management of the National Bank

5

Management

6

Board of Directors

7

Term of office of Chairman and other directors, retirement and payment of fees

8

Term of office of Managing Director and whole-time directors, conditions of service, etc.

9

Disqualifications

10

Vacation and resignation of office by directors

11

Casual vacancy in the office of Managing Director

12

Meetings of Board

13

Committees of National Bank

14

Advisory Council

15

Member of Board or Committee thereof not to participate in meetings in certain cases

Chapter IV

Transfer of Business to the National Bank

16

Transfer of Assets and Liabilities of Agricultural Refinance and Development Corporation

17

Dissolution of the Corporation and repeal of Act 10 of 1963

18

Transfer of business from Reserve Bank

Chapter V

Borrowings by the National Bank

19

Borrowings by the National Bank

20

Borrowings in foreign currency

Chapter VI

Credit Functions of the National Bank

21

Production and marketing credit

22

Conversion loan for production credit

23

Rescheduling of loans to artisans, small-scale industries, etc.

24

Investment credit-medium term

25

Other investment credit

26

Purchase and sale of shares

27

Loans to State Governments for share capital contributions

27A

Loans to State Government, undertakings etc.

28

Security for credit

29

Amounts and securities to be held in trust

30

Direct loans

30A

Bills rediscounting

31

Commission

32

Issue of guarantees

33

Power to impose conditions for accommodation

34

Power to call for repayment before agreed period

35

National Bank to have access to records

36

Validity of loan or advance not to be questioned

37

National Bank not to grant loans or advances against its own bonds or debentures

37A

Prohibited business

Chapter VII

Other Functions of the National Bank

38

Other functions of National Bank

38A

Promotion of subsidiaries

38B

Securitisation of debt

38C

Exemption from compulsory registration

39

Incidental powers

40

Deposits and investments

41

Credit information

Chapter VIII

Funds, Accounts and Audit

42

National Rural Credit (Long Term Operations) Fund

43

National Rural Credit (Stabilisation) Fund

44

Research and Development Fund

45

Reserve Fund and other Funds

46

Preparation of balance-sheet, etc., of National Bank

47

Disposal of surplus

48

Audit

49

Returns

Chapter IX

Staff

50

Staff of National Bank

Chapter X

Miscellaneous

51

Obligation as to fidelity and secrecy

52

Defects in appointment not to invalidate acts, etc.

52A

Agreement with National Bank on appointment of directors to prevail

53

Protection of action taken under the Act

54

Indemnity of directors

55

Exemption from income-tax, etc.

56

Penalties

57

Offences by companies

58

Bankers' Books Evidence Act, 1891, to apply in relation to National Bank

59

Liquidation of National Bank

60

Power of Board to make regulations

61

Amended of certain enactments

62

Power to remove difficulty

Schedules

First Schedule

 

Second Schedule

An Act to establish a bank to be known as the National Bank for Agriculture and Rural Development for providing credit for the promotion of agriculture, small-scale industries, cottage and village industries, 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. BE it enacted by Parliament in the Thirty-second Year of the Republic of India as follows:-



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