The Deposit Insurance and Credit Guarantee Corporation Act `1961

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.
1961
  • REGISTRATION OF BANKING COMPANIES AND CO-OPERATIVE BANKS AS INSURED BANKS AND LIABILITY OF CORPORATION TO DEPOITORS

  • 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
  • CREDIT GUARANTEE FUNCTIONS

  • 21A
     Guaranteeing of credit facilities and indemnifying credit institutions
  • 21B
     Corporation to act as agent of Central Government
  • FUNDS, ACCOUNTS AND AUDIT

  • 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
  • MISCELLANEOUS

  • 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