Section 13A(2)(b) in The Deposit Insurance And Credit Guarantee Corporation Act, 1961
(b)the Corporation shall register as an insured bank-(i)every new co-operative bank [other than a primary credit society becoming a primary co-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 license 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 license under the said section: