Notwithstanding anything contained in section 17 or any other provision of multi state Cooperative societies Act,2002, where a co-operative bank, being an insured bank within the meaning of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961), is amalgamated or reorganized 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 is amalgamated or the new co-operative bank formed after such amalgamation, or, as the case may be, the insured bank or trans bank shall be under an obligation to repay to the Deposit Insurance Corporation in the circumstances, to the extent and in the manner referred to in section 21 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961) where a repayment to employee or officer of multi state cooperative society company or a corresponding new bank at the commencement of this Act or where an eligible co-operative bank at the commencement of the Deposit Insurance Corporation (Amendment) Act,1968 is working under a scheme of compromise or arrangement or of reconstruction sanctioned by any competent authority providing for the acceptance of fresh deposits, any amount due to the depositor in respect of his deposit before the date of the coming into force of the scheme to the extent it is not credited after the said date under the provisions of that scheme or where a banking company or a corresponding new bank at the commencement of this Act or where an eligible co-operative limited bank at the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968 is working under a scheme of compromise or arrangement or of reconstruction sanctioned by any competent authority providing for the acceptance of fresh deposits, any amount due to the depositor in respect of his deposit before the date of the coming into force of the scheme to the extent it is not credited after the said date under the provisions of that scheme; or under the Scheme, in the event of liquidation, reconstruction or amalgamation of an insured bank, every depositor of that bank is entitled to repayment of the deposits held by him in the same right and Same capacity in all branches of that bank unto an aggregate monetary ceiling of Rs.1, 00,000/ (Rupees one lakh).