Section 21
Repayment of the amount to corporation.
The Deposit Insurance and Credit Guarantee Corporation Act, 1961
About this Act
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.
(1) Where any amount has been paid under
section 17 or section 18 1[or section 18A] or any provision therefore has been made under section 20, the Corporation shall furnish to the liquidator or the insured bank or to the transferee bank, as the case may be, information as
regards the amount so paid or provided for.
(2) On receipt of the information under sub-section (1), notwithstanding anything to the contrary contained in any other law for the time being in force,--
(a) the liquidator shall, within such time and in such manner as may be prescribed, repay to the Corporation out of the amount, if any, payable by him in respect of any deposit such sum or sums as make up the amount paid or provided for by the Corporation in respect of that deposit;
(b) the insured bank or as the case may be, the transferee bank shall, within such time and in such manner as may be prescribed, repay to the Corporation out of the amount, if any, to be paid or credited in respect of any deposit after the date of the coming into force of the scheme referred to in section 18, such sum or sums as make up the amount paid or provided for by the Corporation in respect of that deposit.
(2) On receipt of the information under sub-section (1), notwithstanding anything to the contrary contained in any other law for the time being in force,--
(a) the liquidator shall, within such time and in such manner as may be prescribed, repay to the Corporation out of the amount, if any, payable by him in respect of any deposit such sum or sums as make up the amount paid or provided for by the Corporation in respect of that deposit;
(b) the insured bank or as the case may be, the transferee bank shall, within such time and in such manner as may be prescribed, repay to the Corporation out of the amount, if any, to be paid or credited in respect of any deposit after the date of the coming into force of the scheme referred to in section 18, such sum or sums as make up the amount paid or provided for by the Corporation in respect of that deposit.
Notes
1. Ins. by Act 30 of 2021. s. 7 (w.e.f. 1-9-2021).