Definitions.- In this Act, unless the context otherwise requires,-

1[(a) "banking company" means,-

1. (i) a banking company as defined in the Banking Regulation Act, 1949 (Central Act 10 of 1949);
2. (ii) the State Bank of India constituted under the State Bank of India Act, 1955 (Central Act 23 of 1955);
3. (iii) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (Central Act 38 of 1959);
4. (iv) a corresponding new bank constituted under the Banking Companies

(Acquisition and Transfer of Undertakings) Act, 1970 (Central Act 5 of 1970);

1. (v) a Regional Rural Bank constituted under the Regional Rural Banks Act, 1976 (Central Act 21 of 1976);
2. (vi) a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (Central Act 40 of 1980);
3. (vii) the Agricultural Refinance and Development Corporation constituted under the Agricultural Refinance and Development Corporation Act, 1963 (Central Act 10 of 1963); and
4. (viii) the Agricultural Finance Corporation Limited, a company incorporated under the Indian Companies Act, 1956 (Central Act 1 of 1956).]

¹ Substituted by Act 48 of 1981 w.e.f. 15.6.1976

1. (b) "Corporation" means the Karnataka State Financial Corporation constituted under the State Financial Corporation Act, 1951 and includes any other corporation owned or controlled by the Central Government or the State Government which the State Government may, by notification, specify;
2. (c) "financial assistance" means any financial assistance,-
   • (i) for establishing, expanding, modernising, renovating or running any industrial undertaking; or
   • (ii) for purposes of vocational training; or
   • (iii) for the development of agriculture, horticulture, animal husbandry or agro-industry; or
   • (iv) for purposes of any other kind of planned development; or
   • (v) for relief against distress;
3. (d) "Government company" means a Government Company as defined in section 617 of the Companies Act, 1956;
4. (e) "industrial concern" has the meaning assigned to it in the State Financial Corporation Act, 1951 as amended from time to time;
5. (f) "Industrial undertaking" includes any undertaking for the manufacture, preservation, storage or processing of goods, or mining, or the hotel industry or the transport of passengers or goods, or the generation or distribution of electricity or any other form of power, or for the development of any contiguous area of land as an industrial estate; Explanation.-The expression "processing of goods" includes any act of process for producing, preparing or making an article by subjecting any material to a manual, chemical, electrical or any other like operation.
6. (g) "person" includes a legal representative or an assignee;
7. (h) "State sponsored scheme" means a scheme sponsored by way of financial assistance by the State Government under which the State Government either,-
   • (i) advances money to a banking company or a Government Company for the purposes of disbursing loans, advances or grants or for the purposes of sale of goods on credit or hire purchase;
   • (ii) guarantees or agrees to guarantee the repayment of a loan advance or grant or the payment of the price of goods sold on credit or hire purchase;
   • (i) "socially desirable scheme" means a scheme notified as such by the State