The Deposit Insurance and Credit Guarantee Corporation Act, 1961

63 sections.

Official Hindi (PDF) ↗

• Section 1 — Short title, extent and commencement.
• Section 2 — Definition.
• 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.
• 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 18A — Liability of Corporation to make interim payment to depositors of insured bank.
• Section 19 — Discharge of the liability of Corporation.
• Section 20 — Provision for unpaid amounts.
• Section 21 — Repayment of the amount to corporation.
• Section 21A — Guaranteeing of credit facilities and indemnifying credit institutions.
• Section 21B — Corporation to act as agent of Central Government.
• 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.
• 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 43A — Powers of Reserve Bank not to apply to International Financial Services Centre.
• 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.