The DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION ACT, 1961

PRELIMINARY

Section 1 — Short title, extent and commencement.

(1) This Act may be called the Deposit Insurance and Credit Guarantee Corporation Act, 1961.

(2) It extend to the whole of India.

(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

Browse all 63 sections
  1. 1.Short title, extent and commencement.
  2. 2.Definition.
  3. 3.Establishment and incorporation of Deposit Insurance Corporation.
  4. 4.Capital of Corporation.
  5. 5.Management of Corporation.
  6. 6.Board of directors.
  7. 7.Meetings of Board.
  8. 8.Committees of Corporation.
  9. 9.Fees and allowances of directors.
  10. 10.Registration of existing banking companies.
  11. 11.Registration of new banking companies.
  12. 11A.Registration of Regional Rural Banks.
  13. 12.Registration of defunct banking companies.
  14. 13.Cancellation of registration.
  15. 13A.Registration of co-operative banks.
  16. 13B.Registration of defunct co-operative banks.
  17. 13C.Cancellation of registration of co-operative banks.
  18. 13D.Circumstances in which Reserve Bank may require winding up of co-operative banks.
  19. 14.Intimation of registration.
  20. 15.Premium.
  21. 15A.Cancellation of registration of an insured bank for non-payment of premium.
  22. 16.Liability of Corporation in respect of insured deposits.
  23. 17.Manner of payment by Corporation in case of winding up of insured banks.
  24. 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.
  25. 19.Discharge of the liability of Corporation.
  26. 20.Provision for unpaid amounts.
  27. 21.Repayment of the amount to corporation.
  28. 21A.Guaranteeing of credit facilities and indemnifying credit institutions.
  29. 21B.Corporation to act as agent of Central Government.
  30. 22.Funds of Corporation.
  31. 23.Deposit Insurance Fund.
  32. 23A.Credit Guarantee Fund.
  33. 24.General Fund.
  34. 25.Investment.
  35. 25A.Amount in one fund may be transferred to the other fund or may be utilised for other purposes.
  36. 26.Advances by Reserve Bank.
  37. 27.Advances from General Fund to the Deposit Insurance Fund or Credit Guarantee Fund.
  38. 28.Preparation of balance-sheet, etc., by corporation.
  39. 29.Audit.
  40. 30.Income-tax.
  41. 31.Reserve Fund.
  42. 32.Annual accounts and reports.
  43. 33.Staff of Corporation.
  44. 34.Returns from insured banks.
  45. 35.Corporation to have access to records.
  46. 36.Inspection of insured banks by Reserve Bank.
  47. 37.Corporation to furnish information to Reserve Bank.
  48. 38.Reserve Bank to furnish information to Corporation.
  49. 39.Declaration of fidelity and secrecy.
  50. 40.Indemnity of directors.
  51. 41.Defects in appointment not to invalidate acts, etc.
  52. 42.Protection of action taken under this act.
  53. 43.Companies Act, 1956 and insurance act, 1938 not to apply.
  54. 44.Liquidation of Corporation.
  55. 45.Power of Central Government to give directions.
  56. 46.Dispute as to amount of premium.
  57. 47.Penalties.
  58. 48.Offences by companies.
  59. 49.Cognizance and trial of offences.
  60. 50.Regulation.
  61. 51.[Repealed.]
  62. SCH-THE FIRST SCHEDULE.THE FIRST SCHEDULE
  63. SCH-THE SECOND SCHEDULE [Repealed]..THE SECOND SCHEDULE [Repealed].