Section 2(h) in The Deposit Insurance And Credit Guarantee Corporation Act, 1961
(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).]
