The National Bank for Financing Infrastructure and Development Act, 2021

CourtMinistry of Finance
Coming into Force19 February 0001
Enactment Date28 March 2021
Act Number17
Record Number202117
1
THE NATIONAL BANK FOR FINANCING INFRASTRUCTURE AND
DEVELOPMENT ACT, 2021
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ARRANGEMENT OF SECTIONS
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CHAPTER I
PRELIMINARY
SECTIONS
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.
2
SECTIONS
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 FIRST SCHEDULE
The SECOND SCHEDULE
The THIRD SCHEDULE

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