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23. Deposit Insurance Fund.

(1) To the Deposit Insurance Fund shall be credited,

(a) all amounts received by the Corporation as premium;

(b) all amount received by the Corporation under section 21;

1. Ins. by Act 21 of 1978, s. 8 (w.e.f. 15-7-1978).

2. Subs. by s. 8, ibid., for section 22 (w.e.f. 15-7-1978).

(c) the amount advanced by the Reserve Bank under section 26;

(d) all amounts transferred to that Fund from the General Fund 1[or the Credit Guarantee Fund] under section 27; and

(e) all income arising from the investments made out of that Fund. (2) The said Fund shall be applied

(a) to make payments in respect of insured deposits;

(b) to meet liability in respect of an advance taken under section 26, 2***

(c) to meet liability in respect of the amounts referred to in clause (d) of sub-section (1) 3[;and]

1[(d) to meet the whole or any part of the liability on account of the depreciation in assets, contributions to staff superannuation and other funds or other expenses incurred or to be incurred by the Corporation, as may be decided by the Board.]

Deposit Insurance and Credit Guarantee Corporation Act, 1961 Back

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