The Ministry of Finance on 30th November 2021, has notified 30th November 2021 as the date on which the provisions of section 15 and 24 of National Bank for Financing Infrastructure and Development Act, 2021 shall come into force.
Section 15 deals with the Committees of Board in which sub-section (1)(2)(4)(5) shall come into force from 30th November 2021.
The Board shall constitute a Nomination and Remuneration Committee, a Risk Management Committee and an Audit Committee, each consisting of a minimum of three directors with independent directors forming a majority and the Board shall constitute an Executive Committee consisting of such number of directors as it may consider necessary.
The Board may constitute such other committees as it may deem fit and the Executive Committee or any other committees constituted under this section shall meet at such times and places, observe such rules of procedure in regard to transaction of business at its meetings and shall perform such functions, as may be specified by regulations.
Further section 24 deals with the Disposal of profits accruing to Institution.
The Institution shall establish a reserve fund to which may be transferred such sums as the Board may deem fit out of the annual profits accruing to the Institution:
Provided that the sums to be transferred under this sub-section shall not be less than twenty per cent. of the annual profits accruing to the Institution.
