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The National Bank for Financing Infrastructure and Development Act, 2021

[Act No. 17 of 2021]

[28th March, 2021]

Title National Bank for Financing Infrastructure and Development Act, 2021
Sections Particulars
Chapter I Preliminary
1. Short title, extent and commencement
2. Definitions
Chapter II Establishment and Incorporation of Institution
3. Establishment and incorporation of Institution
4. Purposes and objectives of Institution
5. Authorised share capital
Chapter III Board of Directors and Management
6. Board of Directors
7. Management
8. Delegation of powers
9. Term of office and other terms and conditions of service of Chairperson and other directors of Board
10. Disqualification and removal of directors from office
11. Removal of Chairperson and other directors in certain cases
12. Vacation and resignation of office by directors
13. Meetings of Board
14. Defects in appointment not to invalidate acts, etc
15. Committees of Board
16. Disclosure of interest by members of Board or of committees
Chapter IV Activities of Institution
17. Functions and powers of Institution
18. Prohibited business
19. Related party transactions
20. Performance review of Institution
Chapter V Government Grants, Guarantees and other Concessions
21. Grants and contribution
22. Concessional rate of Government guarantee
23. Hedging costs
Chapter VI Accounts, Audit and Report
24. Disposal of profit accruing to Institution, to reserve fund
25. Preparation of balance sheet and accounts
26. Audit
27. Returns and report
Chapter VII Miscellaneous
28. Receivables to be held in trust
29. Setting up of other development financial institution
30. Officers and employees
31. Powers of Central Government to make rules
32. Powers of Board to make regulations
33. Rules and regulations to be laid before Parliament
34. Protection of action taken in good faith
35. Sanction for enquiry, inquiry, investigation and prosecution
36. Appointment of directors by Institution to prevail
37. Validity of loan or advance not to be questioned
38. Obligations as to fidelity and secrecy
39. Adjudication
40. Indemnity of directors
41. Bankers' Books of Evidence Act, 1891 to apply in relation to the Institution
42. Section 34A and 36AD of the Banking Regulation Act, 1949 to apply to Institution
43. Liquidation of Institutions
44. Powers of Central Government to issue directions
45. Overriding effect of this Act
46. Power to remove difficulties
47. Amendment of Act 2 of 1934
48. Amendment of Act 10 of 1949
The Schedules
First Schedule Declaration of Fidelity and Secrecy
Second Schedule Amendments to The Reserve Bank of India Act, 1934
Third Schedule Amendments to The Banking Regulation Act, 1949

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