Section List

47/1961 - The Deposit Insurance and Credit Guarantee Corporation Act, 1961 ▶

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