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The Deposit Insurance and Credit Guarantee Corporation Act, 1961

Central

An Act to provide for the establishment of a corporation for the purpose of insurance of deposits and guaranteeing of credit facilities and for other matters connected therewith or incidental thereto.

Act number
47 of 1961
Ministry
Ministry of Finance
Department
Department of Financial Services
Enacted
7 Dec 1961

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

63 sections

  1. Section 1Short title, extent and commencement.
  2. Section 2Definition.
  3. Section 3Establishment and incorporation of Deposit Insurance Corporation.
  4. Section 4Capital of Corporation.
  5. Section 5Management of Corporation.
  6. Section 6Board of directors.
  7. Section 7Meetings of Board.
  8. Section 8Committees of Corporation.
  9. Section 9Fees and allowances of directors.
  10. Section 10Registration of existing banking companies.
  11. Section 11Registration of new banking companies.
  12. Section 11ARegistration of Regional Rural Banks.
  13. Section 12Registration of defunct banking companies.
  14. Section 13Cancellation of registration.
  15. Section 13ARegistration of co-operative banks.
  16. Section 13BRegistration of defunct co-operative banks.
  17. Section 13CCancellation of registration of co-operative banks.
  18. Section 13DCircumstances in which Reserve Bank may require winding up of co-operative banks.
  19. Section 14Intimation of registration.
  20. Section 15Premium.
  21. Section 15ACancellation of registration of an insured bank for non-payment of premium.
  22. Section 16Liability of Corporation in respect of insured deposits.
  23. Section 17Manner of payment by Corporation in case of winding up of insured banks.
  24. Section 18Manner of payment by corporation in case of scheme of compromise or arrangement or of reconstruction or amalgamation in respect of an insured bank.
  25. Section 18ALiability of Corporation to make interim payment to depositors of insured bank.
  26. Section 19Discharge of the liability of Corporation.
  27. Section 20Provision for unpaid amounts.
  28. Section 21Repayment of the amount to corporation.
  29. Section 21AGuaranteeing of credit facilities and indemnifying credit institutions.
  30. Section 21BCorporation to act as agent of Central Government.
  31. Section 22Funds of Corporation.
  32. Section 23Deposit Insurance Fund.
  33. Section 23ACredit Guarantee Fund.
  34. Section 24General Fund.
  35. Section 25Investment.
  36. Section 25AAmount in one fund may be transferred to the other fund or may be utilised for other purposes.
  37. Section 26Advances by Reserve Bank.
  38. Section 27Advances from General Fund to the Deposit Insurance Fund or Credit Guarantee Fund.
  39. Section 28Preparation of balance-sheet, etc., by corporation.
  40. Section 29Audit.
  41. Section 30Income-tax.
  42. Section 31Reserve Fund.
  43. Section 32Annual accounts and reports.
  44. Section 33Staff of Corporation.
  45. Section 34Returns from insured banks.
  46. Section 35Corporation to have access to records.
  47. Section 36Inspection of insured banks by Reserve Bank.
  48. Section 37Corporation to furnish information to Reserve Bank.
  49. Section 38Reserve Bank to furnish information to Corporation.
  50. Section 39Declaration of fidelity and secrecy.
  51. Section 40Indemnity of directors.
  52. Section 41Defects in appointment not to invalidate acts, etc.
  53. Section 42Protection of action taken under this act.
  54. Section 43Companies Act, 1956 and insurance act, 1938 not to apply.
  55. Section 43APowers of Reserve Bank not to apply to International Financial Services Centre.
  56. Section 44Liquidation of Corporation.
  57. Section 45Power of Central Government to give directions.
  58. Section 46Dispute as to amount of premium.
  59. Section 47Penalties.
  60. Section 48Offences by companies.
  61. Section 49Cognizance and trial of offences.
  62. Section 50Regulation.
  63. Section 51Repealed.