The Deposit Insurance and Credit Guarantee Corporation Act, 1961
Central Act · Act 47 of 196161 provisions2 citing judgments
The enactment
| Long title | 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. |
|---|---|
| Type | Act |
| Citation | Act 47 of 1961 |
| Year | 1961 |
| Jurisdiction | Central |
| Ministry | Ministry of Finance |
| Status | In force as published by the source |
| Provisions published | 61 |
| Subjects | financial, local |
Full text, provision by provision
Every provision below opens in full, free and without an account.
- Section 1 Short title, extent and commencement.
- Section 2 Definition.
- Section 3 Establishment and incorporation of Deposit Insurance Corporation.2 citing judgments
- 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 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.
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