2. Definition s.-In this Act, unless t he context otherwise requires, -
(a)“banking ” means the accepting for the purpose of len ding or investment , of deposits of money
from the public repayable on demand or otherwise, and withdrawable by cheque, draft, order or
otherwise; (b)“banking company ” means any company which transacts the business of banking in India and
includes the State Bank 5[and a subsidiary bank] , but does not include the 6[Tamil Nadu Industrial
Investment Corporation Limited].
Explanation .-Any company whic h is engaged in the manufacture of goods or carries on any
trade and which accepts deposits of money from the public merely for the purpose of financing its
business as such manufacturer or trader shall not be deemed to transact the business of b anking
within the meaning of this clause; (c)“Board ” means the Board of directors constituted under section 6; (d)“company ” means any c ompany as defined in sect ion 3 of the Companies Act, (1 of 1956) and
includes a foreign company within the meaning of section 5 91 of that Act;
7[(dd) “co-operative bank ” means a State co -operative bank, a Central co -operative bank and a
primary co -operative bank;] (e)“Corporation ” means 2[the Deposit Insurance and Credit Guarantee Corporation] established
under section 3;