Deposit Insurance and Credit Guarantee Corporation Act ,1961
Act No : 47
Section :
Inspection of insured banks by Reserve Bank.
36. Inspection of insured banks by Reserve Bank. (1) The Corporation may for any of the purposes of this Act request the Reserve Bank to cause an inspection of the books and accounts or an investigation of the affairs of an insured bank 2*[or a credit institution] to be made and on such request the Reserve Bank shall cause such inspection or investigation to be made by one or more of its officers 3*[or through such other person or agency as the Reserve Bank may determine]. (2) The provisions of sub-section (2) and sub-section (3) of section 35 of 1*[the Banking Regulation Act, 1949 (10 of 1949).] shall apply to an inspection or investigation under sub-section (1) as they apply to an inspection under that section. (3) When an inspection or investigation has been made under this section, the Reserve Bank shall furnish a copy of its report to the Corporation and 4*[neither the bank nor the credit institution, as the case may be, inspected or investigated, nor any other bank or credit institution] shall be entitled to be furnished with a copy of such report. (4) Notwithstanding anything contained in any law for the time being in force, no court, tribunal or other authority shall compel the production or disclosure of a report under this section or of information or material gathered during the course of an inspection or investigation under this section. --------------------------------------------------------------------- 1. Subs. by Act 56 of 1968, s. 2, for "the Banking Companies Act, 1949" (w.e.f. 1-7-1971). 2. Ins. by Act 21 of 1978, s. 8 (w.e.f. 15-7-1978). 3. Ins. by Act 56 of 1968, s. 12 (w.e.f. 1-7-1971). 4. Subs. by Act 21 of 1978, s. 8, for certain words (w.e.f. 15-7- 1978). 298
Read All Comments
