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National Bank for Agriculture and Rural Development Act, 1981

[30th December, 1981]

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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