Defunct Banking Company - Definition - Law Dictionary Home Dictionary Definition defunct-banking-company

Definition :

Defunct banking Company, means a banking company: (i) which has been prohibited from receiving fresh deposit, or (ii) which has been ordered to be wound up, or (iii) which has transferred all its deposit liabilities in India to any other institution etc. [Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961), s. 2(f)]