The Deposit Insurance and Credit Guarantee Corporation Act, 1961
Central · 1961
- S. 1Short title, extent and commencement.
- S. 2Definition.
- S. 3Establishment and incorporation of Deposit Insurance Corporation.
- S. 4Capital of Corporation.
- S. 5Management of Corporation.
- S. 6Board of directors.
- S. 7Meetings of Board.
- S. 8Committees of Corporation.
- S. 9Fees and allowances of directors.
- S. 10Registration of existing banking companies.
- S. 11Registration of new banking companies.
- S. 11ARegistration of Regional Rural Banks.
- S. 12Registration of defunct banking companies.
- S. 13Cancellation of registration.
- S. 13ARegistration of co-operative banks.
- S. 13BRegistration of defunct co-operative banks.
- S. 13CCancellation of registration of co-operative banks.
- S. 13DCircumstances in which Reserve Bank may require winding up of co-operative banks.
- S. 14Intimation of registration.
- S. 15Premium.
- S. 15ACancellation of registration of an insured bank for non-payment of premium.
- S. 16Liability of Corporation in respect of insured deposits.
- S. 17Manner of payment by Corporation in case of winding up of insured banks.
- S. 18Manner of payment by corporation in case of scheme of compromise or arrangement or of reconstruction or amalgamation in respect of an insured bank.
- S. 18ALiability of Corporation to make interim payment to depositors of insured bank.
- S. 19Discharge of the liability of Corporation.
- S. 20Provision for unpaid amounts.
- S. 21Repayment of the amount to corporation.
- S. 21AGuaranteeing of credit facilities and indemnifying credit institutions.
- S. 21BCorporation to act as agent of Central Government.
- S. 22Funds of Corporation.
- S. 23Deposit Insurance Fund.
- S. 23ACredit Guarantee Fund.
- S. 24General Fund.
- S. 25Investment.
- S. 25AAmount in one fund may be transferred to the other fund or may be utilised for other purposes.
- S. 26Advances by Reserve Bank.
- S. 27Advances from General Fund to the Deposit Insurance Fund or Credit Guarantee Fund.
- S. 28Preparation of balance-sheet, etc., by corporation.
- S. 29Audit.
- S. 30Income-tax.
- S. 31Reserve Fund.
- S. 32Annual accounts and reports.
- S. 33Staff of Corporation.
- S. 34Returns from insured banks.
- S. 35Corporation to have access to records.
- S. 36Inspection of insured banks by Reserve Bank.
- S. 37Corporation to furnish information to Reserve Bank.
- S. 38Reserve Bank to furnish information to Corporation.
- S. 39Declaration of fidelity and secrecy.
- S. 40Indemnity of directors.
- S. 41Defects in appointment not to invalidate acts, etc.
- S. 42Protection of action taken under this act.
- S. 43Companies Act, 1956 and insurance act, 1938 not to apply.
- S. 43APowers of Reserve Bank not to apply to International Financial Services Centre.
- S. 44Liquidation of Corporation.
- S. 45Power of Central Government to give directions.
- S. 46Dispute as to amount of premium.
- S. 47Penalties.
- S. 48Offences by companies.
- S. 49Cognizance and trial of offences.
- S. 50Regulation.
- S. 51Repealed.