LawgistAll Acts
National Bank for Agriculture and Rural Development Act
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, 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.
| Act Id | 198161 |
| Act Number | 61 |
| Enactment Date | 1981-12-30 |
| Act Year | 1981 |
| Ministry | Ministry of Finance |
| Enforcement Date | 01-05-1982 |
- PRELIMINARY
- ESTABLISHMENT OF THE NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT AND CAPITAL THEREOF
- 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
- TRANSFER OF BUSINESS TO THE NATIONAL BANK
- BORROWINGS BY THE NATIONAL BANK
- 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 contribution
- 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
- OTHER FUNCTIONS OF THE NATIONAL BANK
- FUNDS, ACCOUNTS AND AUDIT
- STAFF
- 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 [Omitted]
- 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 [Repealed.]
- 62 Power to remove difficulty
