Section 3: Establishment and incorporation of Deposit Insurance Corporaton. - (1) The Central Government shall, by notification in the Official Gazette, [establish] a Corporation by the name of the Deposit Insurance Corporation which shall be a body corporate having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold or dispose of property and to contract, and may, by the said name, sue or be sued

Q: What does Section 3 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) deal with?

Section 3 DICGC Act pertains to "Establishment and incorporation of Deposit Insurance Corporaton. - (1) The Central Government shall, by notification in the Official Gazette, [establish] a Corporation by the name of the Deposit Insurance Corporation which shall be a body corporate having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold or dispose of property and to contract, and may, by the said name, sue or be sued". It is part of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961, a legislation enacted by the Parliament of India. Section 3 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) governs establishment and incorporation of Deposit Insurance Corporaton. - (1) The Central Government shall, by notification in the Official Gazette, [establish] a Corporation by the name of the Deposit Insurance Corporation which shall be a body corporate having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold or dispose of property and to contract, and may, by the said name, sue or be sued. As verified on 19 May 2026.

Q: Is Section 3 DICGC Act still in force?

Yes, Section 3 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961 is currently in force across the Republic of India.

Q: What is धारा 3 DICGC Act?

धारा 3 DICGC Act is the Devanagari Hindi reference for Section 3 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961. Section 3 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) governs establishment and incorporation of Deposit Insurance Corporaton. - (1) The Central Government shall, by notification in the Official Gazette, [establish] a Corporation by the name of the Deposit Insurance Corporation which shall be a body corporate having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold or dispose of property and to contract, and may, by the said name, sue or be sued. As verified on 19 May 2026.

Q: What is Dhara 3 DICGC Act?

Dhara 3 DICGC Act is the Roman Hindi reference for Section 3 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961. "Dhara" means "Section" in Hindi. Section 3 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) governs establishment and incorporation of Deposit Insurance Corporaton. - (1) The Central Government shall, by notification in the Official Gazette, [establish] a Corporation by the name of the Deposit Insurance Corporation which shall be a body corporate having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold or dispose of property and to contract, and may, by the said name, sue or be sued. As verified on 19 May 2026.

Q: How to cite Section 3 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961?

Cite as: "Section 3, 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, § 3 (India).

Law on Tips Editorial Board

[(1-A) Any reference in this Act to the Deposit Insurance Corporation shall, on and from the date on which Chapter II of the Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978, comes into force, be construed as a reference to the Deposit Insurance and Credit Guarantee Corporation.] [ Inserted by Act 21 of 1978, Section 8 (w.e.f. 15.7.1978).]

(2)

The head office of the Corporation shall be at Bombay, but it may, with the previous sanction of the Reserve Bank, establish branches or agencies in and other place in India.