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In force

The State Bank of India Act, 1955

53 sections · As amended up to 2026-08

Sections

  1. 0Section 0
  2. VIII — MISCELLANEOUS
  3. 1In this Schedule "shareholder" means any person who immediately before the appointed day is registered as the holder of a share in the Imperial Bank
  4. I — PRELIMINARY
  5. 21st July, 1955, vide notification No. S.R.O. 1077, dated 14th May, 1955, see Gazette of India, Part II, sec. 3(ii)
  6. V — MANAGEMENT
  7. 3The word ", vice-chairman" omitted by Act 27 of 2010, s. 18 (w.e.f. 15-9-2010)
  8. VIII — MISCELLANEOUS
  9. 5[ Repealed .]
  10. 6(1) The Reserve Bank may, if it decides to transfer, in pursuance of paragraph 5, more than two
  11. V — MANAGEMENT
  12. 7The word ", vice-chairman" omitted by Act 27 of 2010, s. 17 (w.e.f. 15-9-2010)
  13. III — TRANSFER OF UNDERTAKING OF THE IMPERIAL BANK TO STATE BANK
  14. 8Existing provident and other funds of the Imperial Bank
  15. 9Compensation to be given to shareholders of Imperial Bank
  16. IV — SHARES
  17. 10Transferability of shares
  18. V — MANAGEMENT
  19. 11Certain words omitted by Act 3 of 1994, s. 14 (w.e.f. 15-10-1993)
  20. IV — SHARES
  21. 12Shares to be approved securities
  22. V — MANAGEMENT
  23. 16Offices, branches and agencies
  24. 17Management
  25. 18Central Board to be guided by directions of Central Government
  26. 19Composition of the Central Board
  27. 19BPower of Reserve Bank to appoint additional directors
  28. 20Term of office of chairman, managing director, etc
  29. 21BPowers of Local Board
  30. 21CLocal Committees
  31. 22Disqualifications for directorship of Central Board or membership of Local Boards or Committees
  32. 23Vacation of office of directors, etc
  33. 24Removal from office of directors, etc
  34. 24ASupersession of Central Board in certain cases
  35. 25Casual vacancies
  36. 26Remuneration of directors
  37. 27Powers and remuneration of chairman
  38. 29Powers and remuneration of managing director
  39. 30Executive and other committees of the Central Board
  40. 31Meetings of the Central Board
  41. VI — BUSINESS OF THE STATE BANK
  42. 32State Bank to act as agent of the Reserve Bank
  43. 33Other business which the State Bank may transact
  44. 35State Bank may acquire the business of other Banks
  45. VII — FUNDS, ACCOUNTS AND AUDIT
  46. 36Integration and Development Fund
  47. 37Reserve Fund
  48. 38Disposal of profits
  49. 38ATransfer of unpaid or unclaimed 10[money]
  50. 39Books to be balanced each year
  51. 40Returns
  52. 41Audit
  53. 42Balance sheet, etc., of State Bank may be discussed at general meeting
  54. VIII — MISCELLANEOUS
  55. 43State Bank may appoint officers and other employees
  56. 43ABonus
  57. 44Obligation as to fidelity and secrecy
  58. 45Bar to liquidation of State Bank
  59. 46Indemnity of directors and members of Local Board and Local Committees, etc
  60. 47Defects in appointment or constitution not to invalidate acts or proceedings
  61. 49Power of Central Government to make rules
  62. 50Power of Central Board to make regulations
  63. 51Requirements of foreign law to be complied within certain cases
  64. 55No proceeding to lie in India against Imperial Bank after appointed day
  65. 56References to the Imperial Bank, the Bank of Bengal, etc., in other laws
  66. 57Dissolution of Imperial Bank, etc