Section 3
Establishment and incorporation of National Bank for Agriculture and Rural Development.
The National Bank for Agriculture and Rural Development Act, 1981
About this 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.
(1) With effect from such date as the Central Government may, by notification in the
Official Gazette, appoint, there shall be established for the purposes of this Act, a bank to be known as the
National Bank for Agriculture and Rural Development.
(2) The Bank shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may by that name sue and be sued.
(3) The head office of the National Bank shall be at 1[Mumbai] or at such other place as the Central Government may, by notification, specify.
(4) The National Bank may establish offices, branches or agencies at any place in India, and with the previous approval of the Central Government and in consultation with the Reserve Bank, at any place outside India.
(2) The Bank shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may by that name sue and be sued.
(3) The head office of the National Bank shall be at 1[Mumbai] or at such other place as the Central Government may, by notification, specify.
(4) The National Bank may establish offices, branches or agencies at any place in India, and with the previous approval of the Central Government and in consultation with the Reserve Bank, at any place outside India.
Notes
1. Subs. by s. 4, ibid., for "Bombay" (w.e.f. 15-3-2018).