Liability of new banks to make repayment to Deposit Insurance Corporation

Notwithstanding anything contained in this Act, where any such co-operative bank, which is an insured bank within the meaning of the Deposit Insurance Corporation Act, 1961 (No. 47 of 1961), is amalgamated or in relation to which a compromise or arrangement or scheme of reconstruction or reorganization has been approved and the Deposit Insurance Corporation has become liable to pay to the depositors of the insured bank under sub-section (2) of section 16 of that Act, the bank with which such insured bank has been amalgamated, or the new co-operative bank formed after such amalgamation, or the insured bank or the transferee bank, as the case may be, shall be subject to the obligation of the Deposit Insurance Corporation to make repayment to the extent and in the manner as specified in section 21 of the Deposit Insurance Corporation Act, 1961 (No. 47 of 1961).