Nothing in this Act shall apply to—
(i)2[employees employed by any insurer carrying on general insurance business and the] employees employed by the Life Insurance Corporation of India;
(ii)seamen as defined in clause (42) of section 3 of the Merchant Shipping Act, 1958 (44 of 1958);
(iii)employees registered or listed under any scheme made under the Dock Workers (Regulation of Employment) Act, 1948 (9 of 1948), and employed by registered or listed employers;
(iv)employees employed by an establishment engaged in any industry carried on by or under the authority of any department of the Central Government or a State Government or a local authority;
(v)employees employed by—
(a)the Indian Red Cross Society or any other institution of a like nature (including its branches);
(b)universities and other educational institutions;
(c)institutions (including hospitals, chambers of commerce and social welfare institutions) established not for purposes of profit;
3* * * * *;
4* * * * *;
(viii)employees employed by the Reserve Bank of India;
(ix)employees employed by—
(a)the Industrial Finance Corporation of India;
(b)any Financial Corporation established under section 3, or any Joint Financial Corporation established under section 3A, of the State Financial Corporations Act, 1951 (63 of 1951);
(c)the Deposit Insurance Corporation;
5[(d) the National Bank for Agriculture and Rural Development;]
(e)the Unit Trust of India;
(f)the Industrial Development Bank of India;
6[(fa) the Small Industries Development Bank of India established under section 3 of the Small Industries Development Bank of India Act, 1989 (39 of 1989);]
7[(ff) the National Housing Bank;]
(g)any other financial institution 1[(other than a banking company)], being an establishment in public sector, which the Central Government may, by notification in the Official Gazette, specify, having regard to—
(i)its capital structure;
(ii)its objectives and the nature of its activities;
(iii)the nature and extent of financial assistance or any concession given to it by the Government; and
(iv)any other relevant factor;
2* * * * *;
(xi)employees employed by inland water transport establishments operating on routes passing through any other country.