1. "banking " means the accepting for the purpose of lending or investment, deposits of money from the public repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise;
2. "banking company " means any company which transacts the business of banking in India and includes the State Bank, [and a subsidiary bank] but does not include the [Tamil Nadu Industrial Investment Corporation Limited] [ Substituted by Act 56 of 1974, Section 3 and Schedule II, for " Madras Industrial Investment Corporation Limited " (w.e.f. 20.12.1974).];
3. "Board " means the Board of Directors constituted under section 6;
4. "company " means any company as defined in section 3 of the Companies Act, 1956 (1 of 1956), and includes a foreign company within the meaning of section 591 of that Act;
5. "corporation " means [the Deposit Insurance and Credit Guarantee Corporation] [Substituted by Act 21 of 1978, Section 8, for " the Deposit Insurance Corporation " (w.e.f. 15.7.1978). ] established under section 3;
6. "defunct banking company " means a banking company-
7. "deposit " means the aggregate of the unpaid balances due to a depositor (other than a foreign Government, the Central Government, a State Government) [or a corresponding new bank] [Substituted by Act 5 of 1970, Section 20, for certain words (w.r.e.f. 19.7.1969).][or [a Regional Rural Bank or a banking company] [Substituted by Act 56 of 1968, Section 3, for certain words. ] [or a co-operative Bank] [Substituted by Act 56 of 1968, Section 3, for certain words. ] in respect of all his accounts, by whatever name called, [with a corresponding new bank or [with a Regional Rural Bank or with a banking company] [Substituted by Act 5 of 1970, Section 20, for certain words (w.r.e.f. 19.7.1969). ][or a co-operative bank] [Substituted by Act 5 of 1970, Section 20, for certain words (w.r.e.f. 19.7.1969). ] and includes credit balances in any cash credit account but does not include, -
8. "existing banking company " means a banking company carrying on the business of banking at the commencement of this Act which either holds a license at such commencement under section 22 of [the Banking Regulation Act, 1949 (10 of 1949)] [ Substituted by Act 56 of 1968, Section 2, for " the Banking Companies Act, 1949" .], or having applied for such license has not been informed by notice in writing by the Reserve Bank that a license cannot be granted to it and includes the State Bank and a subsidiary bank, but does not include a defunct banking company;
9. [ "insured bank " means [[a banking company] [Substituted by Act 56 of 1968, Section 3, for Clause (i). ] [or a corresponding new bank] [ Inserted by Act 1 of 1984, Section 56 (w.r.e.f. 1.7.1971).] [or a Regional Rural Bank] [ Inserted by Act 21 of 1976, Section 33 (w.r.e.f. 26.9.1975).][or an eligible co-operative bank for the time being registered under the provisions of this Act and includes for the purposes of sections 16, 17, 18 and 21,- [Substituted by Act 56 of 1968, Section 3, for Clause (i). ]
10. "insured deposit " means the deposit or any portion thereof the repayment whereof is insured by the Corporation under the provisions of this Act;
11. "new banking company " means a banking company which begins to transact the business of banking after the commencement of this Act under a license granted to it under section 22 of [the Banking Regulation Act, 1949 (10 of 1949)] [ Substituted by Act 56 of 1968, Section 2, for " the Banking Companies Act, 1949" .], [* * *] [ Certain words omitted by Act 1 of 1984, Section 56 (w.e.f. 15.2.1984).];
12. "premium " means the sum payable by an insured bank under section 15 of this Act;
13. "prescribed " means prescribed by regulations made under this Act;
14. "Reserve Bank " means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934);
15. "State Bank " means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955);
16. "subsidiary bank " shall have the meaning assigned to it in section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959);
17. [ the expressions "central co-operative bank ", [* * *] [Substituted by Act 61 of 1981, Section 61 and Schedule II, for Clause (q) (w.e.f. 1.5.1982). ][and "State co-operative bank " shall have the meanings respectively assigned to them in the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981); [Substituted by Act 61 of 1981, Section 61 and Schedule II, for Clause (q) (w.e.f. 1.5.1982). ]
18. the expressions ["co-operative society ", "primary co-operative bank "][and "primary credit society " shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949 (10 of 1949).] [Substituted by Act 61 of 1981, Section 61 and Schedule II, for Clause (q) (w.e.f. 1.5.1982). ]