Section 1. Amendment of section 5

1. Amendment of section 5. —In the Banking Regulation Act, 1949 (10 of 1949) (hereinafter referred to as the principal Act), in section 5, after clause (ha), the following clauses shall be inserted, namely:— '(hb) "National Bank for Financing Infrastructure and Development" means the Institution established under section 3 of the National Bank for Financing Infrastructure and Development Act, 2021; (hc) "other development financial institution" means a development financial institution licensed under section 29 of the National Bank for Financing Infrastructure and Development Act, 2021;'. 1. 19th April, 2021- Sections 2, sub-sections (1), (2) and (4) of section 3, 4 to 14, sub-section (3) of section 15, 16 to 23 and 25 to 48 vide notification No. S.O. 1657(E), dated 16th April, 2021, see Gazette of India, Extraordinary, Part II, sec. 3 (ii). 19th April 2021-clause (2) of sub-section (1) of section 11, vide notification No. S.O. 1658(E), dated 19th April, 2021, see Gazette of India, Extraordinary, Part II, sec. 3(ii). 30th November 2021-Sub-section (1), (2), (4) and (5) of section 15; and section (24), vide notification No. S.O. 4911(E), dated 30th November, 2021, see Gazette of India, Extraordinary, Part II, sec. 3 (ii). (h) "Executive Committee" means the Executive Committee of the Board constituted under sub-section (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. CHAPTER I PRELIMINARY 1. Short title extent and commencement. —(1) This Act may be called the National Bank for Financing Infrastructure and Development Act, 2021. (2) It extends to the whole of India. (3) It shall come into force on such date[1] 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. (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. 1. Amendment of Section 2. —In the Reserve Bank of India Act, 1934 (2 of 1934) (hereinafter referred to as the principal Act), in section 2, after clause (ccc), the following clauses shall be inserted, namely:— '(ccci) "National Bank for Financing Infrastructure and Development" means the Institution established under section 3 of the National Bank for Financing Infrastructure and Development Act, 2021; (cccii) "other development financial institution" means a development financial institution licensed under section 29 of the National Bank for Financing Infrastructure and Development Act, 2021;'.