Section 14 of The National Bank for Agriculture and Rural Development Act, 1981
- (1)1[The Board may] constitute an Advisory Council consisting of such number of directors and such other persons who, in the opinion of the Board, have special knowledge of agriculture, agricultural credit, co-operation and rural economics, 2[micro-enterprises, small-scale industries,] village and cottage industries and handicrafts and other rural crafts or have special knowledge and appreciation of the country's overall developmental policies and in particular overall monetary and credit policies, which is considered by the Board as useful to the National Bank.
- (2)The Advisory Council shall advise the National Bank in such matters as may be referred to the Advisory 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 and 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.
Summary
- The Board is allowed to create an Advisory Council to provide expert guidance.
- This council includes directors and people with deep knowledge in areas like agriculture or rural credit.
- Members may also be chosen for their understanding of national policies and bank credit systems.
- The council gives advice on specific topics referred to it by the Bank.
- Each member can serve for a maximum of five years at a time.
- The rules for their meetings and the fees they receive are set by official regulations.
Practical examples
FAQ
1. What is the main job of the Advisory Council under Section 14 of The National Bank for Agriculture and Rural Development Act, 1981?
The main job is to advise the National Bank on matters the bank sends to them and to perform other tasks the bank assigns.
2. How long can someone serve on the Advisory Council under Section 14 of The National Bank for Agriculture and Rural Development Act, 1981?
A member can hold office for a term that the bank decides, as long as it does not go over five years.
3. What expertise is needed for the Advisory Council under Section 14 of The National Bank for Agriculture and Rural Development Act, 1981?
Members should have special knowledge in fields like agriculture, co-operation, rural economics, or small and medium enterprises.
4. Who decides the meeting locations for the Council under Section 14 of The National Bank for Agriculture and Rural Development Act, 1981?
The times and places for meetings are set by following the official regulations.
Test yourself
Q1.Under Section 14 of The National Bank for Agriculture and Rural Development Act, 1981, what is the maximum term a member of the Advisory Council can serve?
Q2.According to Section 14 of The National Bank for Agriculture and Rural Development Act, 1981, who has the authority to refer matters to the Advisory Council?
Q3.Under Section 14 of The National Bank for Agriculture and Rural Development Act, 1981, members must have special knowledge in which of the following?
Q4.How does the Advisory Council differ from the "other" committees mentioned in Section 13 of The National Bank for Agriculture and Rural Development Act, 1981, regarding fees?