The Ministry of Finance vide its notification dated 28th January 2022 has published the National Bank for Financing Infrastructure and Development General Rules, 2022 through which it has notified the terms of office of chairperson and other directors.
Every director, other than a director who is an officer of the Central Government or is a whole-time director, shall be entitled to receive such sitting fee for attending meetings of the Board and committees as may be determined by the Board on the recommendation of the Nomination and Remuneration Committee, subject to such fee not exceeding such limit as may apply in respect of sitting fee applicable to a director of a company under the Companies Act, 2013.
The Nomination and Remuneration Committee shall formulate criteria for qualifications, positive attributes and independence of independent directors and recommend the same to the Board for its determination.
Every director, in pursuance of the provisions of sub-section (1) of section 16, shall disclose the nature of his concern or interest in any body corporate, which shall include shareholding, by giving a notice in writing in Form 1 and the notice shall be kept at the head office of the Institution, kept in the custody of the Company Secretary or such other person as the Board may authorise for this purpose, and be preserved for a period of ten years from the end of the financial year to which it relates.
