Deposit Insurance and Credit Guarantee Corporation Act ,1961
Act No : 47
Section :
Registration of co-operative banks.
1*[13A. Registration of co-operative banks. (1) No co-operative bank shall be registered under this section unless it is an eligible co-operative bank. (2) Subject as aforesaid-- (a) the Corporation shall register every existing co- operative bank as an insured bank before the expiry of thirty days next following the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968); (b) the Corporation shall register as an insured bank-- (i) every new co-operative bank [other than a primary credit society becoming a primary co-operative bank after the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968)] as soon as may be after it is granted a licence under section 22 of the Banking Regulation Act, 1949 (10 of 1949); (ii) a primary credit society becoming a primary co-operative bank after such commencement within three months of its having made an application for a licence under the said section; 2*[(iii) every co-operative bank which has come into existence after the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968, as a result of the division of any other co-operative society carrying on business as a co-operative bank, or the amalgamation of two or more co-operative societies carrying on banking business, at the commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965, or at any time thereafter, within three months of its having made an application for a licence under the said section:] Provided that a bank referred to in clause (b) shall not be so registered if it has been informed by notice in writing by the Reserve Bank that such a licence cannot be granted to it.
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