Act Number: 47

Act Name: The Deposit Insurance and Credit Guarantee Corporation Act, 1961

Year: 1961

Enactment Date: 1961-12-07

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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 11: Registration of new banking companies.
    The Corporation shall register every new banking company as an insured bank as soon as may be after it is granted a licence under section 22 of the 1[Banking Regulation Act, 1949 (10 of 1949)], 2***
Notes:
1. Subs. by s. 2, ibid., for "the Banking Companies Act, 1949" (w.e.f. 1-7-1971).
2. The words and figures ", or, as the case may be, after it is notified under section 51 of the said Act" omitted by Act 1 of 1984, s. 59 (w.e.f. 15-2-1984).
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