Section 2 in The Deposit Insurance And Credit Guarantee Corporation Act, 1961
2. Definitions. - In this Act, unless the context otherwise requires,-
(a)"banking" means the accepting for the purpose of lending or investment, deposits of money from the public repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise;(b)"banking company" means any company which transacts the business of banking in India and includes the State Bank, [and a subsidiary bank] but does not include the [Tamil Nadu Industrial Investment Corporation Limited] [ Substituted by Act 56 of 1974, Section 3 and Schedule II, for " Madras Industrial Investment Corporation Limited" (w.e.f. 20.12.1974).];Explanation. - Any company which is engaged in the manufacture of goods or carries on any trade and which accepts deposits of money from the public merely for the purpose of financing its business as such manufacturer or trader shall not be deemed to transact the business of banking within the meaning of this clause;(c)"Board" means the Board of Directors constituted under section 6;(d)"company" means any company as defined in section 3 of the Companies Act, 1956 (1 of 1956), and includes a foreign company within the meaning of section 591 of that Act;(dd)[ "co-operative bank" means a State co-operative bank, a Central co-operative bank and a primary co-operative bank;] [ Inserted by Act 56 of 1968, Section 3.](e)"corporation" means [the Deposit Insurance and Credit Guarantee Corporation] [Substituted by Act 21 of 1978, Section 8, for " the Deposit Insurance Corporation " (w.e.f. 15.7.1978). ] established under section 3;(ee)[ "corresponding new bank" means a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings Act, 1970 (5 of 1970) or, as the case may be, under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980).] [ Substituted by Act 1 of 1984, Section 56, for Clause (ee) (w.e.f. 15.2.1984).](i)a banking company;(ii)a corresponding new bank;(iii)a Regional Rural Bank;(iv)a co-operative Bank;(v)a financial institution];(eea)[ "credit institution" means all or any of the following, namely:- [ Inserted by Act 21 of 1978, Section 8 (w.e.f. 15.7.1978).](f)"defunct banking company" means a banking company-(i)which has been prohibited from receiving fresh deposits; or(i)which has been prohibited from receiving fresh deposits; or(i)which has been prohibited from receiving fresh deposits; or(ii)which has been ordered or directed to be wound up; or(iii)which has transferred all its deposit liabilities in India to any other institution; or(iv)which has ceased to be a co-operative bank within the meaning of sub-section (2) of section 36-A of the Banking Regulation Act, 1949 (10 of 1949); or(v)which has converted itself into a non-banking co-operative society; or(vi)in respect of which any scheme of compromise or arrangement or of reconstruction has been sanctioned under any law for the time being in force and such scheme does not permit the acceptance of fresh deposits; or(vii)which has been granted a moratorium which is in operation; or(viii)in respect of which an application for winding up is pending before the Registrar of Co-operative Societies or other competent authority under any law relating to co-operative societies for the time being in force "in a State; or ;](ix)in respect of which any direction, prohibition, order or scheme referred to in sub-section (1) of section 18A is issued or made;".(ii)which has been ordered to be wound up; or(iii)which has transferred all its deposit liabilities in India to any other institution; or(iv)which has ceased to be a banking company within the meaning of sub-section (2) of section 36-A of [the Banking Regulation Act, 1949 (10 of 1949)] [ Substituted by Act 56 of 1968, Section 2, for " the Banking Companies Act, 1949" .], or has converted itself into a non-banking company; or(v)in respect of which a liquidator has been appointed in pursuance of a resolution for the voluntary winding up of its affairs; or(vi)in respect of which any scheme of compromise or arrangement or of reconstruction has been sanctioned by any competent authority and the said scheme does not permit the acceptance of fresh deposits; or(vii)which has been granted a moratorium which is in operation; or(viii)in respect of which an application for the winding up of its affairs is pending in competent Court;(ix)in respect of which any direction, prohibition, order or scheme referred to in sub-section (1) of section 18A is issued or made;";(ff)[ "defunct co-operative bank" means a co-operative bank- [ Inserted by Act 56 of 1968, Section 3.](g)"deposit" means the aggregate of the unpaid balances due to a depositor (other than a foreign Government, the Central Government, a State Government) [or a corresponding new bank] [Substituted by Act 5 of 1970, Section 20, for certain words (w.r.e.f. 19.7.1969).][or [a Regional Rural Bank or a banking company] [Substituted by Act 56 of 1968, Section 3, for certain words. ] [or a co-operative Bank] [Substituted by Act 56 of 1968, Section 3, for certain words. ] in respect of all his accounts, by whatever name called, [with a corresponding new bank or [with a Regional Rural Bank or with a banking company] [Substituted by Act 5 of 1970, Section 20, for certain words (w.r.e.f. 19.7.1969). ][or a co-operative bank] [Substituted by Act 5 of 1970, Section 20, for certain words (w.r.e.f. 19.7.1969). ] and includes credit balances in any cash credit account but does not include, -(i)[where a banking company [or a Regional Rural Bank] [Substituted by Act 5 of 1970, Section 20, for certain words (w.r.e.f. 19.7.1969).][or a corresponding new bank] [Substituted by Act 5 of 1970, Section 20, for certain words (w.r.e.f. 19.7.1969).] at the commencement of this Act, [or where an eligible co-operative bank at the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968)] [Substituted by Act 56 of 1968, Section 3, for certain words. ] is working under a scheme of compromise or arrangement or of reconstruction sanctioned by any competent authority providing for the acceptance of fresh deposits, any amount due to the depositor in respect of his deposit before the date of the coming into force of the scheme to the extent it is not credited after the said date under the provisions of that scheme; or(i)an order for the winding up, or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction, of the bank may be made only with the previous sanction in writing of the Reserve Bank;(ii)an order for the winding up of the bank shall be made if so required by the Reserve Bank in the circumstances referred to in section 13-D;(iii)if so required by the Reserve Bank in the public interest or for preventing the affairs of the bank being conducted in a manner detrimental to the interests of the depositors or for securing the proper management of the bank, an order shall be made for the supersession of the committee of management or other managing body (by whatever name called) of the bank and the appointment of an administrator therefor for such period or periods not exceeding five years in the aggregate as may from time to time be specified by the Reserve Bank;(iv)an order for the winding up of the bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction or an order for the supersession of the committee of management or other managing body (by whatever name called) of the bank and the appointment of an administrator therefor made with the previous sanction in writing or on the requisition of the Reserve Bank shall not be liable to be called in question in any manner; and(v)the liquidator or the insured bank or the transferee bank, as the case may be, shall be under an obligation to repay the Corporation in the circumstances, to the extent and in the manner referred to in section 21;](ia)[ any amount due on account of any deposit with any insured bank which has been specifically exempted in this behalf by the Corporation with the previous approval of the Reserve Bank; or] [ Inserted by Act 81 of 1985, Section 5 (w.e.f. 1.5.1986).](ii)any amount due on account of any deposit received outside India;(gg)[ "eligible co-operative bank" means a co-operative bank the law for the time being governing which provides that- [ Inserted by Act 56 of 1968, Section 3.](h)"existing banking company" means a banking company carrying on the business of banking at the commencement of this Act which either holds a license at such commencement under section 22 of [the Banking Regulation Act, 1949 (10 of 1949)] [ Substituted by Act 56 of 1968, Section 2, for " the Banking Companies Act, 1949" .], or having applied for such license has not been informed by notice in writing by the Reserve Bank that a license cannot be granted to it and includes the State Bank and a subsidiary bank, but does not include a defunct banking company;(hh)[ "existing co-operative bank" means a co-operative bank carrying on the business of banking at the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968), which either holds a license at such commencement under section 22 of the Banking Regulation Act, 1949 (10 of 1949), or having applied for such license has not been informed by notice in writing by the Reserve Bank that a license cannot be granted to it but does not include a defunct co-operative bank;] [Inserted by Act 56 of 1968, Section 3.](hha)[ "financial institution" means any financial institution within the meaning of clause (c) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934);] [ Inserted by Act 21 of 1978, Section 8 (w.e.f. 15.7.1978).](i)[ "insured bank" means [[a banking company] [Substituted by Act 56 of 1968, Section 3, for Clause (i). ] [or a corresponding new bank] [ Inserted by Act 1 of 1984, Section 56 (w.r.e.f. 1.7.1971).] [or a Regional Rural Bank] [ Inserted by Act 21 of 1976, Section 33 (w.r.e.f. 26.9.1975).][or an eligible co-operative bank for the time being registered under the provisions of this Act and includes for the purposes of sections 16, 17, 18 and 21,- [Substituted by Act 56 of 1968, Section 3, for Clause (i). ](i)[ a banking company referred to in clause (a) or clause (b) of sub-section (1) of section 13, or(ia)a corresponding new bank to which the provisions of clause (a) of sub-section (1) of section 13 apply, or](ii)[ a co-operative bank referred to in clause (a) or clause (b) of section 13-C, the registration whereof has been cancelled under section 13, or as the case may be, under section 13-C;] [Substituted by Act 56 of 1968, Section 3, for Clause (i). ](j)"insured deposit" means the deposit or any portion thereof the repayment whereof is insured by the Corporation under the provisions of this Act;(k)"new banking company" means a banking company which begins to transact the business of banking after the commencement of this Act under a license granted to it under section 22 of [the Banking Regulation Act, 1949 (10 of 1949)] [ Substituted by Act 56 of 1968, Section 2, for " the Banking Companies Act, 1949" .], [* * *] [ Certain words omitted by Act 1 of 1984, Section 56 (w.e.f. 15.2.1984).];(kk)[ "new co-operative bank" means a co-operative bank which begins to transact the business of banking after the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968), under a license granted to it under section 22 of the Banking Regulation Act, 1949 (10 of 1949), and includes a primary credit society becoming a primary co-operative bank after such commencement;] [ Inserted by Act 56 of 1968, Section 3.](l)"premium" means the sum payable by an insured bank under section 15 of this Act;(m)"prescribed" means prescribed by regulations made under this Act;(ma)[ "Regional Rural Bank" means a Regional Rural Bank established under section 3 of the Regional Rural Bank Act, 1976 (20 of 1976);] [Inserted by Act 21 of 1976, Section 33 (w.r.e.f. 1.7.1971). ](n)"Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934);(o)"State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955);(p)"subsidiary bank" shall have the meaning assigned to it in section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959);(q)[ the expressions "central co-operative bank", [* * *] [Substituted by Act 61 of 1981, Section 61 and Schedule II, for Clause (q) (w.e.f. 1.5.1982). ][and "State co-operative bank" shall have the meanings respectively assigned to them in the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981); [Substituted by Act 61 of 1981, Section 61 and Schedule II, for Clause (q) (w.e.f. 1.5.1982). ](r)the expressions ["co-operative society", "primary co-operative bank"][and "primary credit society" shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949 (10 of 1949).] [Substituted by Act 61 of 1981, Section 61 and Schedule II, for Clause (q) (w.e.f. 1.5.1982). ]
