Amendment status not verified — confirm the current text below against the official source.
(1) Every Co-operative Bank accepting deposits from non-members shall get itself insured under the Deposit Insurance Corporation Act, 1961. (2) Notwithstanding anything contained elsewhere in this Act, the Registrar shall not take any action under this Act in respect of an insured Co-operative bank without obtaining previous sanction of the Reserve Bank of India and without compliance with the requirements of the Deposit Insurance Corporation Act, 1961. Explanation.—"Insured Co-operative bank" shall mean a Co-operative bank which is an insured bank within the meaning of clause (1) of section 2 of the Deposit Insurance Corporation Act, 1961.