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6[13A. Registration of co-operative banks.

(1) No co-operative bank shall be registered under this section unless it is an eligible co-operative bank.

(2) Subject as aforesaid

(a) the Corporation shall register every existing co-operative bank as an insured bank before the expiry of thirty days next following the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968);

(b) the Corporation shall register as an insured bank

(i) every new co-operative bank [other than a primary credit society becoming a primaryco-operative bank after the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968)] as soon as may be after it is granted a licence under section 22 of the Banking Regulation Act, 1949 (10 of 1949);

(ii) a primary credit society becoming a primary co-operative bank after such commencement within three months of its having made an application for a licence under the said section:

Provided that a bank referred to in clause (b) shall not be so registered if it has been informed by notice in writing by the Reserve Bank that such a licence cannot be granted to it.

7[(iii) every co-operative bank which has come into existence after the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968), as a result of the division of

1. Section 13 re-numbered as sub-section (1) thereof by Act 5 of 1970, s. 20 (w.e.f. 19-7-1969).

2. Subs. by Act 56 of 1968, s. 2, for "the Banking Companies Act, 1949" (w.e.f. 1-7-1971).

3. Ins. by Act 5 of 1970, s. 20 (w.e.f. 19-7-1969).

4. The brackets and letter "(b)," omitted by 1 of 1984, s. 60 (w.e.f. 15-2-1984).

5. Ins. by Act 21 of 1976, s. 33 (w.e.f. 26-9-1975).

6. Ins. by Act 56 of 1968, s. 7 (w.e.f. 1-7-1971).

7. Ins. by Act 1 of 1984, s. 61 (w.e.f. 15-2-1984).

any other co-operative society carrying on business as a co-operative bank, or the amalgamation of two or more co-operative societies carrying on banking business, at the commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965 (23 of 1965), or at any time thereafter, within three months of its having made an application for a licence under the said section;]



Deposit Insurance and Credit Guarantee Corporation Act, 1961 Back




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