The National Bank for Financing Infrastructure and Development Act, 2021
Administered Ministry: Ministry of Finance / Department of Financial Services
Section
Section 41 Bankers’ Books of Evidence Act, 1891 to apply in relation to the Institution.
The Bankers' Books Evidence Act, 1891 (18 of 1891), shall apply in relation to the Institution as if it were a bank as defined in section 2 of that Act.
Section 42 Section 34A and 36AD of the Banking Regulation Act, 1949 to apply to Institution.
The provisions of sections 34A and 36AD of the Banking Regulation Act, 1949 (10 of 1949) shall apply to the Institution.
Section 43 Liquidation of Institutions.
No provision of law relating to the winding up of companies shall apply to the Institution and the Institution shall not be placed in liquidation save by order of the Central Government and in such manner as it may direct.
Section 44 Powers of Central Government to issue directions.
Without prejudice to the foregoing provisions of this Act, the Institution shall, in the performance of its functions under this Act, be bound by such directions on questions of policy as the Central Government may give in writing to it from time to time.
Section 45 Overriding effect of this Act.
The provisions of this Act shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law.
Section 46 Power to remove difficulties. 1 docs
(1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order, published in the Official Gazette, make such provisions or give such directions not inconsistent with the provisions of this Act, as appears to it to be necessary or expedient for removing the difficulty:
Provided that no such order shall be made after the expiry of three years from the date of commencement of this Act.
(2) Every order made under this section shall be laid, as soon as may be after it is made, before each House of Parliament.
Provided that no such order shall be made after the expiry of three years from the date of commencement of this Act.
(2) Every order made under this section shall be laid, as soon as may be after it is made, before each House of Parliament.
Section 47 Amendment of Act 2 of 1934.
The Reserve Bank of India Act, 1934 shall be amended in the manner specified in the Second Schedule.
Section 48 Amendment of Act 10 of 1949.
The Banking Regulation Act, 1949 shall be amended in the manner specified in the Third Schedule.