Section 17: Manner of payment by Corporation in case of winding up of insured banks. - (1) Where an insured bank has been ordered to be wound up or to be taken into liquidation and a liquidator, by whatever name called, has been appointed in respect thereof, the liquidator shall, with the least possible delay and in any case not later than three months from the date of his assuming charge of office, furnish to the Corporation a list in such form and manner as may be specified by the Corporation showing separately the deposits in respect of each depositor and the amounts of set off referred to in sub-section (3) of section 16

Q: What does Section 17 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) deal with?

Section 17 DICGC Act pertains to "Manner of payment by Corporation in case of winding up of insured banks. - (1) Where an insured bank has been ordered to be wound up or to be taken into liquidation and a liquidator, by whatever name called, has been appointed in respect thereof, the liquidator shall, with the least possible delay and in any case not later than three months from the date of his assuming charge of office, furnish to the Corporation a list in such form and manner as may be specified by the Corporation showing separately the deposits in respect of each depositor and the amounts of set off referred to in sub-section (3) of section 16". It is part of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961, a legislation enacted by the Parliament of India. Section 17 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) governs manner of payment by Corporation in case of winding up of insured banks. - (1) Where an insured bank has been ordered to be wound up or to be taken into liquidation and a liquidator, by whatever name called, has been appointed in respect thereof, the liquidator shall, with the least possible delay and in any case not later than three months from the date of his assuming charge of office, furnish to the Corporation a list in such form and manner as may be specified by the Corporation showing separately the deposits in respect of each depositor and the amounts of set off referred to in sub-section (3) of section 16. As verified on 19 May 2026.

Q: Is Section 17 DICGC Act still in force?

Yes, Section 17 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961 is currently in force across the Republic of India.

Q: What is धारा 17 DICGC Act?

धारा 17 DICGC Act is the Devanagari Hindi reference for Section 17 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961. Section 17 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) governs manner of payment by Corporation in case of winding up of insured banks. - (1) Where an insured bank has been ordered to be wound up or to be taken into liquidation and a liquidator, by whatever name called, has been appointed in respect thereof, the liquidator shall, with the least possible delay and in any case not later than three months from the date of his assuming charge of office, furnish to the Corporation a list in such form and manner as may be specified by the Corporation showing separately the deposits in respect of each depositor and the amounts of set off referred to in sub-section (3) of section 16. As verified on 19 May 2026.

Q: What is Dhara 17 DICGC Act?

Dhara 17 DICGC Act is the Roman Hindi reference for Section 17 of the The Deposit Insurance and Credit Guarantee Corporation Act, 1961. "Dhara" means "Section" in Hindi. Section 17 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) governs manner of payment by Corporation in case of winding up of insured banks. - (1) Where an insured bank has been ordered to be wound up or to be taken into liquidation and a liquidator, by whatever name called, has been appointed in respect thereof, the liquidator shall, with the least possible delay and in any case not later than three months from the date of his assuming charge of office, furnish to the Corporation a list in such form and manner as may be specified by the Corporation showing separately the deposits in respect of each depositor and the amounts of set off referred to in sub-section (3) of section 16. As verified on 19 May 2026.

Q: How to cite Section 17 of The Deposit Insurance and Credit Guarantee Corporation Act, 1961?

Cite as: "Section 17, 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, § 17 (India).

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(2)

Before the expiry of two months from the receipt of such list from the liquidator, the Corporation shall pay [the amount payable under section 16 in respect of the deposit of each depositor-

(a) directly to the depositor, or

(b) to the depositor through such agency as the Corporation may determine, or

(c) to the liquidator.]

(3)

[ Where the Corporation pays under sub-section (2), any amount in respect of the deposit of a depositor to the liquidator, the liquidator shall pay or cause to be paid that amount to the depositor and any expenses incurred by the liquidator in making such payment shall be treated as expenses incurred in the winding up of the insured bank.] [ Inserted by Act 56 of 1978, Section 11.]