Deposit Insurance and Credit Guarantee Corporation Act, 1961
Bare Act · 1961
An Act to provide for the establishment of a corporation for the purpose of insurance of deposits 2 [and guaranteeing of credit facilities] and for other matters connected therewith or incidental thereto.
- Act number
- 47 of 1961
- Enacted
- 7 December 1961
- Contents
- 63 sections · 7 chapters
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Contents
Chapter I — Preliminary
Chapter II — Establishment And Mangement Of The Deposit Insurance Corporation
- Section 3 – Establishment and incorporation of Deposit Insurance Corporation
- Section 4 – Capital of Corporation
- Section 5 – Management of Corporation
- Section 6 – Board of directors (preview)
- Section 7 – Meetings of Board (preview)
- Section 8 – Committees of Corporation (preview)
- Section 9 – Fees and allowances of directors (preview)
Chapter III — R Companies And Co-Operative Banks Corporation To Depoitors
- Section 10 – Registration of existing banking companies (preview)
- Section 11 – Registration of new banking companies (preview)
- Section 11A – Registration of Regional Rural Banks (preview)
- Section 12 – Registration of defunct banking companies (preview)
- Section 13 – Cancellation of registration (preview)
- Section 13A – Registration of co-operative banks (preview)
- Section 13B – Registration of defunct co-operative banks (preview)
- Section 13C – Cancellation of registration of co-operative banks (preview)
- Section 13D – Circumstances in which Reserve Bank may require winding up of co-operative banks (preview)
- Section 14 – Intimation of registration (preview)
- Section 15 – Premium (preview)
- Section 15A – Cancellation of registration of an insured bank for non-payment of premium (preview)
- Section 16 – Liability of Corporation in respect of insured deposits (preview)
- Section 17 – Manner of payment by Corporation in case of winding up of insured banks (preview)
- 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 (preview)
- Section 18A – Liability of Corporation to make interim payment to depositors of insured bank (preview)
- Section 19 – Discharge of the liability of Corporation (preview)
- Section 20 – Provision for unpaid amounts (preview)
- Section 21 – Repayment of the amount to corporation (preview)
Chapter IIIA — Credit Guarantee Functions
- Section 21A – Guaranteeing of credit facilities and indemnifying credit institutions (preview)
- Section 21B – Corporation to act as agent of Central Government (preview)
Chapter IV — Funds, Accounts And Audit
- Section 22 – Funds of Corporation (preview)
- Section 23 – Deposit Insurance Fund (preview)
- Section 23A – Credit Guarantee Fund (preview)
- Section 24 – General Fund (preview)
- Section 25 – Investment (preview)
- Section 25A – Amount in one fund may be transferred to the other fund or may be utilised for other purposes (preview)
- Section 26 – Advances by Reserve Bank (preview)
- Section 27 – Advances from General Fund to the Deposit Insurance Fund or Credit Guarantee Fund (preview)
- Section 28 – Preparation of balance-sheet, etc., by corporation (preview)
- Section 29 – Audit (preview)
- Section 30 – Income-tax (preview)
- Section 31 – Reserve Fund (preview)
- Section 32 – Annual accounts and reports (preview)
Chapter V
- Section 33 – Staff of Corporation (preview)
- Section 34 – Returns from insured banks (preview)
- Section 35 – Corporation to have access to records (preview)
- Section 36 – Inspection of insured banks by Reserve Bank (preview)
- Section 38 – Reserve Bank to furnish information to Corporation (preview)
- Section 39 – Declaration of fidelity and secrecy (preview)
- Section 40 – Indemnity of directors (preview)
- Section 41 – Defects in appointment not to invalidate acts, etc (preview)
- Section 42 – Protection of action taken under this act (preview)
- Section 43 – Companies Act, 1956 and insurance act, 1938 not to apply (preview)
- Section 43A – Powers of Reserve Bank not to apply to International Financial Services Centre (preview)
- Section 44 – Liquidation of Corporation (preview)
- Section 45 – Power of Central Government to give directions (preview)
- Section 46 – Dispute as to amount of premium (preview)
- Section 47 – Penalties (preview)
- Section 48 – Offences by companies (preview)
- Section 49 – Cognizance and trial of offences (preview)
- Section 50 – Regulation (preview)
- Section 51 – Repealed (preview)