THE DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION ACT, 1961

ACT NO. 47 OF 1961 · Enacted [7th December, 1961.] · 61 sections

PRELIMINARY

Section 1.Short title, extent and commencement.

Section 2.Definition.

ESTABLISHMENT AND MANGEMENT OF THE DEPOSIT INSURANCE CORPORATION

Section 3.Establishment and incorporation of Deposit Insurance Corporation.

Section 4.Capital of Corporation.

Section 5.Management of Corporation.

Section 6.Board of directors.

Section 7.Meetings of Board.

Section 8.Committees of Corporation.

Section 9.Fees and allowances of directors.

REGISTRATION OF BANKING COMPANIES AND CO-OPERATIVE BANKS AS INSURED BANKS AND LIABILITY OF CORPORATION TO DEPOITORS

Section 10.Registration of existing banking companies.

Section 11.Registration of new banking companies.

Section 11A.Registration of Regional Rural Banks.

Section 12.Registration of defunct banking companies.

Section 13.Cancellation of registration.

Section 13A.Registration of co-operative banks.

Section 13B.Registration of defunct co-operative banks.

Section 13C.Cancellation of registration of co-operative banks.

Section 13D.Circumstances in which Reserve Bank may require winding up of co-operative banks.

Section 14.Intimation of registration.

Section 15.Premium.

Section 15A.Cancellation of registration of an insured bank for non-payment of premium.

Section 16.Liability of Corporation in respect of insured deposits.

Section 17.Manner of payment by Corporation in case of winding up of insured banks.

Section 18.Manner of payment by corporation in case of scheme of compromise or arrangement or of reconstruction or amalgamation in respect of an insured bank.

Section 19.Discharge of the liability of Corporation.

Section 20.Provision for unpaid amounts.

Section 21.Repayment of the amount to corporation.

CREDIT GUARANTEE FUNCTIONS

Section 21A.Guaranteeing of credit facilities and indemnifying credit institutions.

Section 21B.Corporation to act as agent of Central Government.

FUNDS, ACCOUNTS AND AUDIT

Section 22.Funds of Corporation.

Section 23.Deposit Insurance Fund.

Section 23A.Credit Guarantee Fund.

Section 24.General Fund.

Section 25.Investment.

Section 25A.Amount in one fund may be transferred to the other fund or may be utilised for other purposes.

Section 26.Advances by Reserve Bank.

Section 27.Advances from General Fund to the Deposit Insurance Fund or Credit Guarantee Fund.

Section 28.Preparation of balance-sheet, etc., by corporation.

Section 29.Audit.

Section 30.Income-tax.

Section 31.Reserve Fund.

Section 32.Annual accounts and reports.

MISCELLANEOUS

Section 33.Staff of Corporation.

Section 34.Returns from insured banks.

Section 35.Corporation to have access to records.

Section 36.Inspection of insured banks by Reserve Bank.

Section 37.Corporation to furnish information to Reserve Bank.

Section 38.Reserve Bank to furnish information to Corporation.

Section 39.Declaration of fidelity and secrecy.

Section 40.Indemnity of directors.

Section 41.Defects in appointment not to invalidate acts, etc.

Section 42.Protection of action taken under this act.

Section 43.Companies Act, 1956 and insurance act, 1938 not to apply.

Section 44.Liquidation of Corporation.

Section 45.Power of Central Government to give directions.

Section 46.Dispute as to amount of premium.

Section 47.Penalties.

Section 48.Offences by companies.

Section 49.Cognizance and trial of offences.

Section 50.Regulation.

Section 51.[Repealed.]