SECOND SCHEDULE
(see Section 51)

Amendment of certain enactments

PART I: AMENDMENTS TO THE RESERVE BANK OF INDIA ACT, 1934

(2 of 1934)

Amendments

1. In section 3, after clause (bb), insert the following clause, namely

(bbb) “Deposit Insurance Corporation” means the Deposit Insurance Corporation established under section 3 of the Deposit Insurance Corporation Act, 1961.”

2. In section 17, -

(a) after clause (4C), insert the following clause, namely :

“(4D) the making to the Deposit Insurance Corporation of loans and advances; and generally assisting the Corporation in such manner and on such terms as may be determined by the Central Board”.

(b) in clause (8A), after “the capital of”, insert “the Deposit Insurance Corporation”.

PART II: AMENDMENTS TO THE BANKING REGULATION ACT, 1949
(10 of 1949)
Amendments

1. In section 5, after clause (f), insert the following clause, namely :-

(ff) “Deposit Insurance Corporation” means the Deposit Insurance Corporation established under section 3 of the Deposit Insurance Corporation Act, 1961”.

2. In section 43A,

(i) in sub-section (6), for “the forgoing provisions”, substitute “the provisions of this section”;

(ii) After sub-section (8), insert the following sub-sections, namely:—

(9) Nothing contained in sub-sections (2), (3), (4), (7) and (8) shall apply to a banking company in respect of the depositors of which the Deposit Insurance Corporation is liable under section 16 of the Deposit Insurance Corporation Act, 1961.

(10) After preferential payments referred to in sub-section (1), have been made or adequate provision has been made in respect thereof, the remaining assets of the banking company referred to in sub-section (9) available for payment to general creditors shall be utilised for payment on pro-rata basis of the debts of the general creditors and of the sums due to the depositors :

“Provided that where any amount in respect of any deposit is to be paid by the liquidator to the Deposit Insurance Corporation under section 21 of the Deposit Insurance Corporation Act, 1961, only the balance, if any, left after making the said payment shall be payable to the depositor”.

PART III: AMENDMENTS TO THE INDUSTRIAL DISPUTES ACT, 1947

(14 of 1947)

In section 2, in sub-clause (i) of clause (a), after “to an industrial dispute concerning” insert “ the Deposit Insurance Corporation established under section 3 of the Deposit Insurance Corporation Act, 1961, or”.