Vidhi Codex

The National Bank for Financing Infrastructure and Development Act, 2021

Chapter I PRELIMINARY

Finance202148 sections7 chapters
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Chapter I PRELIMINARY

1. Short title, extent and commencement.

Statutory text
  1. (1) This Act may be called the National Bank for Financing Infrastructure and Development Act, 2021.
  2. (2) It extends to the whole of India.
  3. (3) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference in any provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

Chapter I PRELIMINARY

2. Definitions.

Statutory text
  1. (1) In this Act, unless the context otherwise requires,---
    • (a) "Audit Committee" means the Audit Committee of the Board constituted under sub-section (1) of section 15;
    • (b) "Board" means the Board of Directors constituted under section 6;
    • (c) "Bureau" means a body which the Central Government may notify, for the purpose of recommending candidates for appointment of Managing Director and Deputy Managing Directors under sub-section (1) of section 6 and for removal of a director under clause (ii) of sub-section (1) of section 11;
    • (d) "Chairperson" means the Chairperson of the Board appointed under clause (a) of sub-section (1) of section 6;
    • (e) "committee" means a committee of the Board constituted under section 15;
    • (f) "Deputy Managing Director" means the Deputy Managing Director appointed under clause (c) of sub-section (1) of section 6;
    • (g) "director" includes a Chairperson, Managing Director, Deputy Managing Directors and other directors of the Board appointed or nominated under section 6;
    • (h) "Executive Committee" means the Executive Committee of the Board constituted under subsection (2) of section 15;
      • (i) "financial institution" shall have the meaning assigned to it in clause (m) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002);
    • (j) "independent director" means the independent director of the Board appointed under clause (f) of sub-section (1) of section 6;
    • (k) "infrastructure" means the sectors covered in the list of infrastructure sector notified by the Central Government from time to time;
    • (l) "Institution" means the National Bank for Financing Infrastructure and Development established under section 3;
    • (m) "insurer" shall have the meaning assigned to it in sub-section (9) of section 2 of the Insurance Act, 1938 (4 of 1938);
    • (n) "Managing Director" means the director appointed under clause (b) of sub-section (1) of section 6;
    • (o) "Nomination and Remuneration Committee" means the Nomination and Remuneration Committee of the Board constituted under sub-section (1) of section 15;
    • (p) "notification" means a notification published in the Official Gazette and the expression "notify" shall be construed accordingly;
    • (q) "pension fund" shall have the meaning assigned to it in clause (l) of sub-section (1) of section 2 of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013);
    • (r) "prescribed" means prescribed by rules made under this Act by the Central Government;
    • (s) "regulations" means regulations made by the Board under this Act and includes the regulations made by the Reserve Bank under section 29;
    • (t) "Reserve Bank" means the Reserve Bank of India established under the Reserve Bank of India Act, 1934 (2 of 1934);
    • (u) "Risk Management Committee" means the Risk Management Committee of the Board constituted under sub-section (1) of section 15;
      • (v) "Schedule" means a Schedule appended to this Act.
  2. (2) Words and expressions used but not defined in this Act but defined in the Indian Contract Act, 1872 (9 of 1872), the Indian Partnership Act, 1932 (9 of 1932), the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), the Limited Liability Partnership Act, 2008 (6 of 2009) and the Companies Act, 2013 (18 of 2013), shall have the meanings respectively assigned to them in those Acts.

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