law: National Bank for Agriculture and Rural Development Act, 1981
  Chapter IX: Staff
  50. Staff of National
  
  Bank.-
  
  1.     
  
    The
  
  National Bank may appoint such number of officers and other employees as it
  
  considers necessary or desirable for the efficient performance of its functions
  
  and determine the terms and conditions of their appointment and service.
  2.     
  
    Without
  
  prejudice to the provisions of sub-section (1), it shall be lawful for the
  
  National Bank to utilise, and for the Reserve Bank to make available, the
  
  services of such staff of the Reserve Bank on such terms and conditions as may
  
  be agreed upon between the National Bank and the Reserve Bank.
  3.     
  
    Subject
  
  to the provisions of sub-section (6), at any time before the expiry of six
  
  months from the appointed day, the Reserve Bank may, in public interest,
  
  transfer to the National Bank, such members of the staff of Reserve Bank whom the
  
  Reserve Bank considers as engaged, or as suitable to be engaged, in attending
  
  to the work of a nature which is same or similar to that which the National
  
  Bank may require for its efficient functioning, and upon such transfer they
  
  shall be deemed to be appointed by the National Bank under subsection (1) with
  
  effect from the date of such transfer:
  Provided that every person so transferred
  
  may, before the expiry of a period of six months from the appointed day, or
  
  before the expiry of a period of thirty days from such transfer, whichever
  
  period expires later, elect to go back to the Reserve Bank by exercising an
  
  option in writing to that effect, the option once exercised being final, and on
  
  the exercise of such option, the Reserve Bank shall, before the expiration of a
  
  period of eighteen months from the appointed day, take back such member of the
  
  staff and he shall be deemed to have been on deputation to the National Bank
  
  during the period he was a member of the staff of the National Bank.
  1.     
  
  
  2.     
  
  
  3.     
  
  
  4.     
  
  
  a.     
  
    Any
  
  member of the staff of the Reserve Bank who is not appointed under sub-section
  
  (3), may, if he so desires, make an application to the Reserve Bank within six
  
  months from the appointed day, to be considered for appointment as a member of
  
  the staff of the National Bank.
  b.    
  
    The
  
  Reserve Bank may, in consultation with the National Bank, consider such
  
  application having regard to the suitability of the person so applying, the
  
  availability of vacancies in the National Bank, the exigencies of service in
  
  the Reserve Bank and the National Bank and such other factors as may be
  
  considered relevant in this regard, and, if the Reserve Bank is satisfied
  
  having regard to these factors, that such applicant is suitable for being so
  
  appointed recommend his appointment to the National Bank.
  c.     
  
    The
  
  National Bank may thereupon, within eighteen months from the appointed day,
  
  appoint such a person applying under this sub- section, as a member of the
  
  staff of the National Bank, and on such appointment, such a person shall be
  
  deemed to have been appointed in the National Bank under sub-section (3):
  Provided that the proviso to sub-section (3)
  
  and the proviso to sub-section (5) shall not apply in respect of such a person.
  
  
  1.     
  
  
  2.     
  
  
  3.     
  
  
  4.     
  
  
  5.     
  
    Notwithstanding
  
  anything contained elsewhere in this Act or in any other law or in any
  
  contract, for the time being in force, at any time before the expiry of six
  
  months from the appointed day, the Reserve Bank may, if it considers it six
  
  months from the appointed day, the Reserve Bank so to do in the interest of the
  
  National Bank, transfer on promotion any member of the staff of the National
  
  Bank to the Reserve Bank, and on such transfer to the Reserve Bank, each such
  
  member of the staff shall be deemed to be a member of the staff of the Reserve
  
  Bank and shall be entitled to the same salary, emoluments and other conditions
  
  of service to which he was entitled immediately before the date of such
  
  transfer, including benefits, if any, arising directly out of such promotion:
  
  Provided that every member of the staff who is transferred as aforesaid may,
  
  before the expiry of a period of six months from the appointed day or within
  
  thirty days from such transfer, whichever period expires later, elect to go
  
  back to the National Bank by exercising an option in writing to that effect,
  
  the option once exercised being final, and on the exercise of such option, the
  
  National Bank shall, before the expiration of a period of eighteen months from
  
  the appointed day, take back such member of the staff and he shall be deemed to
  
  have been on deputation to the Reserve Bank during the period he was a member
  
  of the staff of the Reserve Bank.
  6.     
  
    Every
  
  person,-- 
  a.     
  
    who,
  
  immediately before the date appointed under sub- section (1) of section 16, is
  
  a member of the staff of the Agricultural Refinance and Development
  
  Corporation; or
  b.    
  
    who
  
  is a member of the staff of the Reserve Bank but whose services are being
  
  utilised immediately before that date by the said Corporation, full n. shall be
  
  deemed to be appointed by the National Bank under sub-section (1) on the said
  
  date: Provided that every member of the staff of the Reserve Bank, who is so
  
  deemed to be appointed, and who was not recruited specifically for utilisation
  
  in the Agricultural Refinance and Development Corporation, may, before the
  
  expiry of a period of six months from the appointed day or within a period of
  
  thirty days from the date appointed under sub-section (1) of section 16,
  
  whichever period expires later, elect to go back to the Reserve Bank by
  
  exercising an option in writing to that effect, the option once exercised being
  
  final, and on the exercise of such option, the Reserve Bank shall, before the
  
  expiration of a period of eighteen months from the appointed day, take back
  
  such member of the staff and he shall be deemed to have been on deputation to
  
  the National Bank during the period he was a member of the staff of the
  
  National Bank.
  1.     
  
  
  2.     
  
  
  3.     
  
  
  4.     
  
  
  5.     
  
  
  6.     
  
  
  7.     
  
    Notwithstanding
  
  anything contained in any other law or in any agreement, for the time being in
  
  force, no member of the staff shall be entitled to claim any compensation for,
  
  or in relation to any matter concerning, his transfer, appointment or as the
  
  case may be, return, under sub-sections (3) to (6) and no claim in respect
  
  thereof shall be entertained by any court, tribunal or other authority.
  8.     
  
    Subject
  
  to the provisions of sub-section (10) and sub-section (11), every member of the
  
  staff of the Agricultural Refinance and Development Corporation or of the
  
  Reserve Bank who is deemed to be appointed as a member of the staff of the
  
  National Bank under this section, shall be deemed to have been appointed by the
  
  National Bank on the same salary, emoluments and other terms and conditions of
  
  service to which he was entitled immediately before his appointment in the
  
  National Bank.
  9.     
  
    The
  
  provisions relating to superannuation benefits, namely, the regulations
  
  relating to provident fund and the rules relating to payment of gratuity and
  
  compassionate gratuity and any other provision relating to superannuation as are
  
  applicable to the staff of the Reserve Bank on the appointed day shall, so far
  
  as may be, apply to the staff of the National Bank, unless and until the
  
  National Bank alters or amends the same: Provided that after the appointed day,
  
  any such alteration or amendment may be effected by the National Bank as
  
  regards provident fund regulations in accordance with section 60, and as
  
  regards the other rules in the manner they would have been altered or amended
  
  but for this sub- section:
  Provided
  
  further that after the expiry of six months from the appointed day, the
  
  balances held in the Reserve Bank of India Employees' Provident Fund to the
  
  credit of any member of the staff of the Reserve Bank whose services are
  
  transferred under this section to the National Bank and who does not opt to go
  
  back to the Reserve Bank, shall be transferred to, and held in, the Provident
  
  Fund of the National Bank on same or similar terms subject to which those
  
  balances were held earlier in the Reserve Bank of India Employees' Provident Fund.
  
  
  10.  
  
    Notwithstanding
  
  anything contained in any other law, settlement, or agreement, every person
  
  employed by the National Bank or whose services have been transferred to the
  
  National Bank under this Act, shall be liable to serve anywhere in India.
  11.  
  
    Notwithstanding
  
  anything contained in the Industrial Disputes Act, 1947 (14 of 1947), or any
  
  other law for the time being in force, or in any award, judgment, decree,
  
  decision or order of any Industrial Tribunal, Court or other authority, or any
  
  settlement or agreement, made or entered into before the date of transfer to
  
  the National Bank of the services of any person under this section, the
  
  National Bank shall be free to alter, amend or repeal in such manner and to
  
  such extent it may consider necessary, any of the terms and conditions of
  
  service applicable to such persons whose services are so transferred to the
  
  National Bank and who are appointed in the National Bank under this section
  
  except that the National Bank shall not alter to their prejudice the terms
  
  relating to payment of salary and other emoluments, retirement benefits and
  
  eligibility for leave.
  Explanation.--For the purposes of this
  
  section, "appointed day" means the date of establishment of the
  
  National Bank under section 3.