{"id":260916,"date":"2022-01-31T16:30:52","date_gmt":"2022-01-31T11:00:52","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=260916"},"modified":"2022-01-31T16:44:58","modified_gmt":"2022-01-31T11:14:58","slug":"national-bank-for-financing-infrastructure-and-development-general-rules-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/31\/national-bank-for-financing-infrastructure-and-development-general-rules-2022\/","title":{"rendered":"National Bank for Financing Infrastructure and Development General Rules, 2022"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page14R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">On January 28, 2022, the Central Government notifies <\/span>National Bank for Financing Infrastructure and Development General Rules, 2022. <br role=\"presentation\" \/><\/span><\/p>\n<h4 style=\"text-align: justify;\">Key points:<\/h4>\n<ul>\n<li style=\"text-align: justify;\"><span id=\"page14R_mcid16\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"><strong>Term of office of Chairperson and other directors<\/strong>: <\/span><span dir=\"ltr\" role=\"presentation\">The Chairperson and the Managing Director, every <\/span><span dir=\"ltr\" role=\"presentation\">Deputy Managing Director and every other director who is other than a director nominated<\/span> <span dir=\"ltr\" role=\"presentation\">by the Central Government<\/span><span dir=\"ltr\" role=\"presentation\"> shall:<\/span><\/span><span id=\"page14R_mcid17\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"text-align: justify;\"><span id=\"page14R_mcid17\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">in case of a director who is other than a director elected under clause (e) of Section 6 of <a href=\"http:\/\/www.scconline.com\/DocumentLink\/7z0SGR31\">National Bank for Financing Infrastructure and Development Act, 2021<\/a>, hold office <\/span><span dir=\"ltr\" role=\"presentation\">for such term not exceeding five years as the authority nominating or appointing him may determine;<\/span><\/span><span id=\"page14R_mcid18\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page14R_mcid18\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">in case of a director elected under clause (e) of the said sub-section, hold office for a term of three years.<\/span><\/span><span id=\"page14R_mcid19\" class=\"markedContent\"><\/span><span id=\"page14R_mcid27\" class=\"markedContent\"><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\"><span style=\"color: #0000ff;\">Clause (e) of Section 6 of <a href=\"http:\/\/www.scconline.com\/DocumentLink\/7z0SGR31\">National Bank for Financing Infrastructure and Development Act, 2021<\/a><\/span><\/p>\n<p style=\"padding-left: 40px;\"><span style=\"color: #0000ff;\">(e) such number of directors not exceeding three, elected by shareholders in such manner as may be prescribed, such that a shareholder, other than the Central Government, holding ten per cent. or more of the total issued equity share capital may nominate one director;<\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span id=\"page16R_mcid3\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"><strong>Other terms and conditions of service of directors other than whole-time directors<\/strong>: <\/span><span dir=\"ltr\" role=\"presentation\">Every director, other <\/span><span dir=\"ltr\" role=\"presentation\">than a director who is an officer of the Central Government or is a whole-time director, shall be entitled to receive <\/span><span dir=\"ltr\" role=\"presentation\">such sitting fee for attending meetings of the Board and committees as may be determined<\/span> <span dir=\"ltr\" role=\"presentation\">by the Board on the <\/span><span dir=\"ltr\" role=\"presentation\">recommendation of the Nomination and Remuneration Committee, subject to such fee not exceeding such limit as <\/span><span dir=\"ltr\" role=\"presentation\">may apply in respect of sitting fee applicable to a director of a company under the Companies Act, 2013.<br \/>\n<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page16R_mcid7\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"><strong>Induction of independent directors<\/strong>: <\/span><span dir=\"ltr\" role=\"presentation\">The Nomination and Remuneration Committee shall formulate criteria <\/span><span dir=\"ltr\" role=\"presentation\">for qualifications, positive attributes and independence of independent directors and recommend the same to the Board <\/span><span dir=\"ltr\" role=\"presentation\">for its determination, and while formulating the criteria for independence, the committee may take into consideration, <\/span><span dir=\"ltr\" role=\"presentation\">among others, the following aspects relating to individuals to be appointed as independent director:<\/span><\/span><span id=\"page16R_mcid8\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"text-align: justify;\"><span id=\"page16R_mcid8\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">whether the individual or his relative is or was a promoter or director or employee of the Institution;<\/span><\/span><span id=\"page16R_mcid9\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page16R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">whether the individual or his relative has or had a material pecuniary relationship with the Institution;<\/span><\/span><span id=\"page16R_mcid10\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page16R_mcid10\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">whether the individual or his relative is or was an employee or proprietor or partner in a firm of auditors, <\/span><span dir=\"ltr\" role=\"presentation\">company secretaries or cost accountants of, or in a legal or consulting firm having material transactions <\/span><span dir=\"ltr\" role=\"presentation\">with, the Institution;<\/span><\/span><span id=\"page16R_mcid11\" class=\"markedContent\"><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page16R_mcid11\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">whether the individual or his relative is or was a chief executive or director of any non-profit organisation <\/span><span dir=\"ltr\" role=\"presentation\">that has material receipts from the Institution or any of its promoters or directors;<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page16R_mcid12\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">whether the individual or his relative holds shares in excess of two per cent. in, or is a material supplier, <\/span><span dir=\"ltr\" role=\"presentation\">service provider or customer of, or is a lessor or lessee of, the Institution;<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page16R_mcid13\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">whether the individual or his relative holds or has held any other security of or interest in the Institution of <\/span><span dir=\"ltr\" role=\"presentation\">face value exceeding fifty lakh rupees or two per cent. of the paid-up capital of the Institution; and<\/span><\/span><\/li>\n<li style=\"text-align: justify;\"><span id=\"page16R_mcid14\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">whether the individual or his relative is or was indebted to, or has or had given a guarantee or provided any <\/span><span dir=\"ltr\" role=\"presentation\">security in connection with indebtedness of any third person to the Institution, in excess of such amount as <\/span><span dir=\"ltr\" role=\"presentation\">the Nomination and Remuneration Committee may determine.<\/span><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>On January 28, 2022, the Central Government notifies National Bank for Financing Infrastructure and Development General Rules, 2022. Key points: Term of <\/p>\n","protected":false},"author":8808,"featured_media":253447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-260916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>National Bank for Financing Infrastructure and Development General Rules, 2022 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/31\/national-bank-for-financing-infrastructure-and-development-general-rules-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Bank for Financing Infrastructure and Development General Rules, 2022\" \/>\n<meta property=\"og:description\" content=\"On January 28, 2022, the Central Government notifies National Bank for Financing Infrastructure and Development General Rules, 2022. 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Key points: The Government of India through Ministry of Ports, Shipping and Waterways shall be the controlling authority for matters pertaining to Marine Aids\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Central Government Notification","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-226.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-226.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-226.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-226.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-226.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":247398,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/20\/banks-board-bureau-notified-as-the-bureau-for-recommending-candidates-under-national-bank-for-financing-infrastructure-and-development-act\/","url_meta":{"origin":260916,"position":1},"title":"Banks Board Bureau notified as the Bureau for recommending candidates under National Bank for Financing Infrastructure and Development Act","author":"Bhumika Indulia","date":"April 20, 2021","format":false,"excerpt":"The Central Government notifies Banks Board Bureau, an autonomous body of the Government of India, as the Bureau for the purpose of recommending candidates for appointment of Managing Director and Deputy Managing Directors under section 6(1) and for removal of a director under section 11 (1) (ii) of the National\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":66621,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/09\/05\/pension-advisory-committee-reconstituted\/","url_meta":{"origin":260916,"position":2},"title":"Pension Advisory Committee, reconstituted","author":"Sucheta","date":"September 5, 2016","format":false,"excerpt":"The Authority in exercise of the powers conferred by sub-section (1) of section 45 of the Pension Fund Regulatory and Development Authority Act, 2013, and in terms of the sub regulation 4 of the regulation 6 of Pension Fund Regulatory and Development Authority (Pension Advisory Committee Meetings) Regulations, 2015, reconstitutes\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/PFRDA.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/PFRDA.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/PFRDA.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/PFRDA.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/PFRDA.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":258054,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/03\/national-bank-for-financing-infrastructure-and-development-removal-of-difficulties-order-2021\/","url_meta":{"origin":260916,"position":3},"title":"National Bank for Financing Infrastructure and Development (Removal of Difficulties) Order, 2021","author":"Bhumika Indulia","date":"December 3, 2021","format":false,"excerpt":"The Central Government hereby makes National Bank for Financing Infrastructure and Development (Removal of Difficulties) Order, 2021. It shall come into force from the date of its publication in the Official Gazette. In the National Bank for Financing Infrastructure and Development Act, 2021, in section 15, in sub-section (1), the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Parliament_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":262875,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/01\/ifsca-notifies-rules-on-annual-report-and-returns-and-form-of-annual-statement\/","url_meta":{"origin":260916,"position":4},"title":"IFSCA notifies Rules on Annual Report and Returns and Form of Annual Statement","author":"Bhumika Indulia","date":"March 1, 2022","format":false,"excerpt":"On February 28, 2022, the Central Government notifies International Financial Services Centres Authority (Annual Report and Returns and Statements and Other Particulars) Rules, 2022 and International Financial Services Centres Authority (Form of Annual Statement of Accounts) Rules, 2022. International Financial Services Centres Authority (Annual Report and Returns and Statements and\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":271806,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/18\/constitution-of-national-board-for-anti-doping-agency-vide-national-anti-doping-act-2022\/","url_meta":{"origin":260916,"position":5},"title":"Constitution of National Board for Anti-Doping Agency vide National Anti-Doping Act, 2022","author":"Bhumika Indulia","date":"August 18, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 12-8-2022 the Ministry of Law and Justice notified the National Anti-Doping Act, 2022 to define Anti-Doping rule violation, athlete support personnel, National Sport Federation etc. The Act provides for constituting National Board for Anti-Doping Agency (\u2018NADA') as a statutory body headed by a Director General appointed by\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/Ministry-of-Law-and-Justice.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/Ministry-of-Law-and-Justice.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/Ministry-of-Law-and-Justice.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/Ministry-of-Law-and-Justice.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/Ministry-of-Law-and-Justice.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/260916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=260916"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/260916\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/253447"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=260916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=260916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=260916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}