law: Payment of Bonus Act, 1965 
  32. Act not to apply to certain classes of employees 
  Nothing in this Act shall apply to,- 
  ( i ) 27[employees employed
  
  by any insurer carrying on general insurance business and the] employees
  
  employed by the Life Insurance Corporation of India;
  (ii) seamen as defined in clause (42) of section 3 of the
  
  Merchant Shipping Act, 1958 (44 of 1958);
  (iii) employees registered or listed under any scheme made under
  
  the Dock Workers (Regulation of Employment) Act, 1948, (9 of 1948), and
  
  employed by registered or listed employers;
  (iv) employees employed by an establishment engaged in any
  
  industry carried on by or under the authority of any department of the Central
  
  Government or a State Government or a local authority;
  (v) employees employed by,- 
  (a) the Indian Red Cross Society or any other
  
  institution of a like nature (including its branches);
  (b) universities and other educational
  
  institutions;
  (c) institutions (including hospitals,
  
  chambers of commerce and social welfare institutions) established not for
  
  purposes of profit;
  (vi) employees employed through contractors on building
  
  operations;
  (vii) employees employed by the Reserve Bank of India;
  (viii) employees employed by,- 
  (a) the Industrial Finance Corporation of
  
  India;
  (b) any financial corporation established
  
  under section 3, or any joint financial corporation established under Section
  
  3A, of the State Financial Corporations Act, 1951 (63 of 1951);
  (c) the Deposit Insurance Corporation;
   28  [(d) The National Bank of Agriculture
  
  and Rural Development;]
  (e) the Unit Trust of India;
  (f) the Industrial Development Bank of India;
   29  [( fa ) the
  
  Small Industries Development Bank of India established under Section 3 of the
  
  Small Industries Development Bank of India Act, 1989;]
   30  [(ff) the National Housing Bank;]
  (g) any other financial institution 6[other
  
  than a banking company] being an establishment in public sector, which the
  
  Central Government may, by notification in the Official Gazette, specify,
  
  having regard to,- 
  ( i )
  
  its capital structure;
  (ii) its objectives
  
  and the nature of its activities;
  (iii) the nature and extent of financial assistance
  
  or any concession given to it by the government; and
  (iv) any other
  
  relevant factor;
  (ix) employees employed by inland water transport establishments
  
  operating on routes passing through any other country.