Section 2: Definitions. - In this Act, unless the context otherwise requires,

Q: What does Section 2 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) deal with?

Section 2 DICGC Act pertains to "Definitions. - In this Act, unless the context otherwise requires,". It is part of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961, a legislation enacted by the Parliament of India. Section 2 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) defines definitions. - In this Act, unless the context otherwise requires,. As verified on 19 May 2026.

Q: Is Section 2 DICGC Act still in force?

Yes, Section 2 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961 is currently in force across the Republic of India.

Q: What is धारा 2 DICGC Act?

धारा 2 DICGC Act is the Devanagari Hindi reference for Section 2 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961. Section 2 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) defines definitions. - In this Act, unless the context otherwise requires,. As verified on 19 May 2026.

Q: What is Dhara 2 DICGC Act?

Dhara 2 DICGC Act is the Roman Hindi reference for Section 2 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961. "Dhara" means "Section" in Hindi. Section 2 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) defines definitions. - In this Act, unless the context otherwise requires,. As verified on 19 May 2026.

Q: How to cite Section 2 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961?

Cite as: "Section 2, The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act)" in legal briefs. For academic writing, use the BlueBook format: The Deposit Insurance and Credit Guarantee Corporation Act, 1961, § 2 (India).

Law on Tips Editorial Board

(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).];

(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;

(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;

(f) "defunct banking company " means a banking company-

(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, -

(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;

(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). ]

(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).];

(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;

(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). ]