Section List

61/1981 - The National Bank for Agriculture and Rural Development Act, 1981 ▶

Act Number: 61

Act Name: The National Bank for Agriculture and Rural Development Act, 1981

Year: 1981

Enactment Date: 1981-12-30

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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section Number	Title	Actions
1	Short title, extent and commencement.
2	Definitions.
3	Establishment and incorporation of National Bank for Agriculture and Rural Development.
4	Capital.
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.
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.
19	Borrowings by the National Bank.
20	Borrowings in foreign currency.
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.
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.
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.
50	Staff of National Bank.
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.