(1) Every director of the Board shall be indemnified by the Corporation against all losses and expenses incurred by him in, or in relation to, the discharge of his duties except such as are caused by his own willful act or default.
(2) A director of the Board shall not be responsible for any other director or for any other officer or other employee of the Corporation, or for any loss or expenses resulting to the Corporation from the insufficiency or deficiency of value of or title to any property or security acquired or taken on behalf of the Corporation or the insolvency or wrongful act of any debtor or any person under obligation to the Corporation or anything done in good faith in the execution of the duties of his office or in relation thereto.
(2) A director of the Board shall not be responsible for any other director or for any other officer or other employee of the Corporation, or for any loss or expenses resulting to the Corporation from the insufficiency or deficiency of value of or title to any property or security acquired or taken on behalf of the Corporation or the insolvency or wrongful act of any debtor or any person under obligation to the Corporation or anything done in good faith in the execution of the duties of his office or in relation thereto.
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definition.Section 3 · Establishment and incorporation of Deposit Insurance Corporation.Section 4 · Capital of Corporation.Section 5 · Management of Corporation.Section 6 · Board of directors.Section 7 · Meetings of Board.Section 8 · Committees of Corporation.India Code, Government of India. Text fetched 22 Oct 2026. Source metadata reports last modification: 2019-11-29. Check the linked official text and subsequent notifications when applying a provision.