The National Bank for Agriculture and Rural Development Act, 1981
Central Act · Act 61 of 198167 provisions
The enactment
| Long title | 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. |
|---|---|
| Type | Act |
| Citation | Act 61 of 1981 |
| Year | 1981 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 67 |
| Subjects | financial, agriculture |
Full text, provision by provision
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- Section 1 Short title, extent and commencement.
- Section 2 Definitions.
- Section 3 Establishment and incorporation of National Bank for Agriculture and Rural Development.
- Section 4 Capital.
- Section 5 Management.
- Section 6 Board of Directors.
- Section 7 Term of office of Chairman and other directors, retirement and payment of fees.
- Section 8 Term of office of Managing Director and whole-time directors, conditions of service, etc.
- Section 9 Disqualifications.
- Section 10 Vacation and resignation of office by directors.
- Section 11 Casual vacancy in the office of Managing Director.
- Section 12 Meetings of Board.
- Section 13 Committees of National Bank.
- Section 14 Advisory Council.
- Section 15 Member of Board or Committee thereof not to participate in meetings in certain cases.
- Section 16 Transfer of assets and liabilities of Agricultural Refinance and Development Corporation.
- Section 17 Dissolution of the Corporation and repeal of Act 10 of 1963.
- Section 18 Transfer of business from Reserve Bank.
- Section 19 Borrowings by the National Bank.
- Section 20 Borrowings in foreign currency.
- Section 21 Production and marketing credit.
- Section 22 Conversion loan for production credit.
- Section 23 Rescheduling of loans to artisans, small-scale industries, etc.
- Section 24 Investment credit--medium term.
- Section 25 Other investment credit.
- Section 26 Purchase and sale of shares.
- Section 27 Loans to State Governments for share capital contribution.
- Section 27A Loans to State Government, undertakings, etc.
- Section 28 Security for credit.
- Section 29 Amounts and securities to be held in trust.
- Section 30 Direct loans.
- Section 30A Bills rediscounting.
- Section 31 Commission.
- Section 32 Issue of guarantees.
- Section 33 Power to impose conditions for accommodation.
- Section 34 Power to call for repayment before agreed period.
- Section 35 National Bank to have access to records.
- Section 36 Validity of loan or advance not to be questioned.
- Section 37 National Bank not to grant loans or advances against its own bonds or debentures.
- Section 37A Prohibited business.
- Section 38 Other functions of National Bank.
- Section 38A Promotion of subsidiaries.
- Section 38B Securitisation of debt.
- Section 38C Exemption from compulsory registration.
- Section 39 Incidental powers.
- Section 40 Deposits and investments.
- Section 41 Credit information.
- Section 42 National Rural Credit (Long Term Operations) Fund.
- Section 43 National Rural Credit (Stabilisation) Fund.
- Section 44 Research and Development Fund.
- Section 45 Reserve Fund and other Funds.
- Section 46 Preparation of balance-sheet, etc., of National Bank.
- Section 47 Disposal of surplus.
- Section 48 Audit.
- Section 49 Returns.
- Section 50 Staff of National Bank.
- Section 51 Obligation as to fidelity and secrecy.
- Section 52 Defects in appointment not to invalidate acts, etc.
- Section 52A Agreement with National Bank on appointment of directors to prevail.
- Section 53 Protection of action taken under the Act.
- Section 54 Indemnity of directors.
- Section 56 Penalties.
- Section 57 Offences by companies.
- Section 58 Bankers' Books Evidence Act, 1891, to apply in relation to National Bank.
- Section 59 Liquidation of National Bank.
- Section 60 Power of Board to make regulations.
- Section 62 Power to remove difficulty.
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