Bare Act Search Results

National Bank for Agriculture and Rural Development Act, 1981 Complete Act

State: Central

Year: 1981

.....shall stand dissolved. The Bill also provides for changes of a supplemental, incidental or consequential nature in the Reserve Bank of India Act, 1934,the Banking Regulation Act, 1949the Industrial Disputes Act. 1947andthe Payment of Bonus Act, 1965. 4. The Notes on clauses appended to the Bill explain the provisions of the Bill.-See Gaz, of India, 18-9-1981, Pt. II.S.2,Ext.p.683. 1An 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. Be it enacted by Parliament in the Thirty-second Year of the Republic of India as follows :- SECTION 01: SHORT TITLE, EXTENT AND COMMENCEPIENT (1)This Act may be called the National Bank for Agriculture and Rural Development Act, 1981 . (2) It extends to the whole of India. (3) It shall.....

National Bank for Agriculture and Rural Development Act, 1981 Preamble 1

Title: National Bank for Agriculture and Rural Development Act, 1981

State: Central

Year: 1981

THE NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT ACT, 1981 [Act, No. 61 of 1981] [30thDecember, 1981] PREAMBLE 1[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.] BE it enacted by Parliament in the Thirty-second year of the Republic of India as follows:-- ________________________ 1. Substituted by National Bank For Agriculture And Rural Development (Amendment) Act, 2000 (55 of 2000). Prior to substitution it read as under: "An Act to establish a bank to be known as the National Bank for Agriculture and Rural Development for providing credit for the promotion of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts and other allied economic activities in.....

National Bank for Agriculture and Rural Development Act, 1981 Chapter III

Title: Management of the National Bank

State: Central

Year: 1981

.....all powers and do all acts and things which may be exercised or done by the National Bank. (4) Any whole-time director appointed under sub-section (3) of section 6 shall assist the Managing Director in the discharge of his functions under sub-section (3) and perform such duties as the Board may entrust or delegate to him. (5) In the discharge of his powers and functions under sub-section (3) the Managing Director shall follow such directions as the Chairman may give. (6) In the discharge of its functions under this Act, the National Bank shall be guided by such directions in matters of policy involving public interest as the Central Government in consultation with the Reserve Bank, or the Reserve Bank may give in writing. Section 6 - Board of Directors 1[(1) The Board of Directors of the National Bank shall consist of the following, namely:-- (a) a Chairman; (b) three directors from amongst experts in rural economics, rural development, village and cottage industries, small-scale industries or persons having experience in the working of co-operative banks, regional rural banks or commercial banks or any other matter the special knowledge or professional.....

National Bank for Agriculture and Rural Development Act, 1981 Section 6

Title: Board of Directors

State: Central

Year: 1981

.....from out of the directors of the Reserve Bank; (e) three directors from amongst the officials of the Central Government ; (f) two directors from amongst the officials of the state Government ; and (g) a Managing Director. (2) The Chairman and other directors shall be appointed by the Central Government in consultation with the Reserve Bank; [Provided that no such consultation shall be necessary in the case of directors appointed under clause (e) of sub-section (1).] (3) Where the Central Government is satisfied in consultation with the Reserve Bank and [***], that it is necessary so to do it may appoint one or more whole-time directors with such designations as may be deemed appropriate by that Government and any whole-time director so appointed shall also be a member of the Board;" 2 . Omitted by Banking Laws (Amendment) Act 1985, w.e.f.1-5-86.

National Bank for Agriculture and Rural Development Act, 1981 Section 14

Title: Advisory Council

State: Central

Year: 1981

.....Council by the National Bank and may discharge such other functions as may be entrusted or delegated to the Advisory Council by the National Bank. (3) A member of the Advisory Council shall hold office for such term not exceeding five years as the National Bank may fix and receive such fees and allowances as may be prescribed for attending the meetings of the Advisory Council for attending to any other work of the National Bank. (4) The Advisory Council shall meet at such times and places and shall observe such rules of procedure in regard to transaction of business at its meetings as may be prescribed. ________________________ 1. Substituted for "the Board shall" by National Bank For Agriculture And Rural Development (Amendment) Act, 2000 (55 of 2000).

National Bank for Agriculture and Rural Development Act, 1981 Section 25

Title: Other Investment Credit

State: Central

Year: 1981

.....where it is considered necessary so to do in connection with any financial assistance under clause (a) or clause (b) or clause (c) to a State land development bank or a State co-operative bank or a scheduled bank, loans and advanced repayable on demand or on the expiry of a fixed period not exceeding eighteen months, by way of refinance1[or otherwise] to such bank and also rescheduling the payment of such loans and advances for such period as the National Bank may deem fit. (2) The provisions of this section shall be in addition to , and not in derogation of the provisions of section 21 and section 24. ________________________ 1. Inserted by National Bank For Agriculture And Rural Development (Amendment) Act, 2000 (55 of 2000).

National Bank for Agriculture and Rural Development Act, 1981 Chapter I

Title: Preliminary

State: Central

Year: 1981

.....amount as the Central Government may specify by notification in this behalf having regard to trends in industrial development and other relevant factors; (j) "Managing Director" means the Managing Director appointed under section 6: (k) "marketing of crops" includes the processing of crops prior to marketing by any agricultural producers or any organisation of such producers; (l) "National Bank" means the National bank for Agriculture and Rural Development established under section 3. (m) "Notification" means a notification published in the Official Gazette. (n) "primary rural credit society" means a co-operative society by whatever name called,-- (1) Which has as its object or business the provision of financial accommodation to its members for agriculture or agricultural operations or for the marketing of crops, or for rural development; and (2) the bye-laws of which do not permit admission of any other co-operative society as member: Provided that this sub-clause shall not apply to the admission, as a member, of a co-operative society, which is a State co-operative bank or a central co-operative bank by reason of such bank subscribing to the share capital.....

National Bank for Agriculture and Rural Development Act, 1981 Section 2

Title: Definitions

State: Central

Year: 1981

.....amount as the Central Government may specify by notification in this behalf having regard to trends in industrial development and other relevant factors; (j) "Managing Director" means the Managing Director appointed under section 6: (k) "marketing of crops" includes the processing of crops prior to marketing by any agricultural producers or any organisation of such producers; (l) "National Bank" means the National bank for Agriculture and Rural Development established under section 3. (m) "Notification" means a notification published in the Official Gazette. (n) "primary rural credit society" means a co-operative society by whatever name called,-- (1) Which has as its object or business the provision of financial accommodation to its members for agriculture or agricultural operations or for the marketing of crops, or for rural development; and (2) the bye-laws of which do not permit admission of any other co-operative society as member: Provided that this sub-clause shall not apply to the admission, as a member, of a co-operative society, which is a State co-operative bank or a central co-operative bank by reason of such bank subscribing to the share capital.....

National Bank for Agriculture and Rural Development Act, 1981 Chapter VI

Title: Credit Functions of the National Bank

State: Central

Year: 1981

.....(Amendment) Act, 2003. 2.Words "to any State Co-operative bank" substituted by National Bankfor Agriculture and Rural Development (Amendment) Act, 2003. Section 22 - Conversion loan for production credit 1[22. Conversion loan for production credit. -- Where the National Bank is satisfied that owing to drought, famine or other natural calamities, military operations or enemy action, any State co-operative bank, central co-operative bank, regional rural bank or any such financial institution or any financial institution falling under any such class of financial institutions, as may be approved by the Reserve Bank in this behalf, requires assistance under this section, it may provide to such bank or institution such financial assistance as it may deem fit by way of making loans and advances repayable on the expiry of fixed periods not exceeding seven years and on such terms and conditions as may be specified in this behalf by the National Bank: Provided that loans and advances may be made under this section only for the purpose of enabling the borrowing bank or institution,-- (a) to pay any dues to the National Bank for credit extended for financing agricultural.....