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The Deposit Insurance and Credit Guarantee Corporation Act, 1961

[Act No. 47 of 1961]

[7th December, 1961.]

Title The Deposit Insurance and Credit Guarantee Corporation Act, 1961
Sections: Particulars:
Chapter I Preliminary
1. Short title, extent and commencement
2. Definitions
Chapter II Establishment and Mangement of The Deposit Insurance Corporation
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
Chapter III Registration Of Banking Companies and Co-Operative Banks As Insured Banks And Liability of Corporation to Depoitors Credit Guarantee Functions
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
Chapter IIIA Credit Guarantee Functions
21A. Guaranteeing of credit facilities and indemnifying credit institutions
21B. Corporation to act as agent of Central Government
Chapter IV 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
Chapter V 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
Schedul I Declaration of Fidelity and Secrecy
Schedul II Amendment of certain enactments

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