SECURITIES & EXCHANGE COMMISSION
                           Washington, D.C. 20549
                           ----------------------

                                SCHEDULE 13G
                   Under the Securities Exchange Act of 1934

           INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
                               RULES 13d-1(b),(c)
         AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b)
                             (Amendment No. 1)

                            The CIT Group, Inc.
                             (Name of Issuer)

                     Class A Common Stock, $.01 par value
                       (Title of Class of Securities)

                               125577106
                             (CUSIP Number)

                           November 18, 1998
           (Date of event which requires filing of this statement)










                           (Page 1 of 5 Pages)




CUSIP No. 125577106                 13G               Page 3 of 5 Pages

Item 1(a).     Name of Issuer:

     The CIT Group, Inc.  

Item 1(b).     Address of Issuer's Principal Executive Offices:

     1211 Avenue of the Americas, New York, New York  10036

Item 2(a).     Name of Person Filing:

     The Dai-Ichi Kangyo Bank, Limited ("DKB").

Item 2(b).     Address of Principal Business Office or, if None, 
Residence:

     1-5, Uchisaiwaicho 1-chome, Chiyoda-ku, Tokyo 100-0011, Japan.

Item 2(c).     Citizenship:

     Japan.



Item 2(d).     Title of Class of Securities:

     Class A Common Stock, $.01 par value.

Item 2(e).  CUSIP Number:

     125577106

Item 3.  If this statement is filed pursuant to Rules 13d-1(b) or 13d-
2(b) or (c), check whether the person filing is a:

          (a) [ ]   Broker or dealer registered under Section 15 of the
                    Act,
          (b) [ ]   Bank as defined in Section 3(a)(6) of the Act,
          (c) [ ]   Insurance Company as defined in Section 3(a)(19) of
                    the Act,
          (d) [ ]   Investment Company registered under Section 8 of the
                    Investment Company Act of 1940,
          (e) [ ]   Investment Adviser in accordance with Rule 
                    13d-1(b)(1)(ii)(E),
          (f) [ ]   Employee Benefit Plan or Endowment Fund in 
                    accordance with 13d-1 (b)(1)(ii)(F),
          (g) [ ]   Parent Holding Company or control person in 
                    accordance with Rule 13d-1 (b)(1)(ii)(G),


CUSIP No. 125577106                 13G               Page 4 of 5 Pages

          (h) [ ]   Savings Association as defined in Section 3(b) of 
                    the Federal Deposit Insurance Act,
          (i) [ ]   Church Plan that is excluded from the definition of 
                    an investment company under Section 3(c)(14) of the 
                    Investment Company Act of 1940,
          (j) [ ]   Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

       Not applicable.

Item 4.   Ownership.

           (a)  Amount beneficially owned:
                DKB owns 71,000,000 shares of Class A Common Stock.

           (b)  Percent of class:
                Based on its ownership of 71,000,000 shares of Class A 
Common Stock, DKB owns 43.7% of the Issuer's Class A Common Stock (based 
on 162,537,579 shares of Class A Common Stock outstanding as stated in 
the Issuer's Form 10-Q, dated October 26, 1998).

           (c)  Number of shares as to which such person has:
                (i)   sole power to vote or to direct the vote:
                        71,000,000
                (ii)  shared power to vote or to direct the vote:
                        0
                (iii) sole power to dispose or to direct the
                      disposition of:
                        71,000,000
                (vi)  shared power to dispose or to direct the
                      disposition of:
                        0

Item 5.     Ownership of Five Percent or Less of a Class.

       Not applicable.


Item 6.     Ownership of More than Five Percent on Behalf of Another 
Person.

       Not applicable


Item 7.     Identification and Classification of the Subsidiary Which 
Acquired the Security Being Reported on by the Parent Holding Company.

       Not applicable.


CUSIP No. 125577106                 13G               Page 5 of 5 Pages



Item 8.  Identification and Classification of Members of the Group.

        Not applicable.


Item 9.  Notice of Dissolution of Group.

        Not applicable.



Item 10.  Certification.

        Not applicable.

SIGNATURES

After reasonable inquiry and to the best of our knowledge and belief, 
the undersigned certify that the information set forth in this statement 
is true, complete and correct.


DATED:  February 3, 1999    

                                  /s/ Keiji Torii
                                      Keiji Torii, as General Manager
                                      International Planning & 
                                      Coordination Division of 
                                      The Dai-Ichi Kangyo Bank, Limited