Section 51. Application on of certain provisions to the State Bank of India and other notified banks

6[ 51. Application on of certain provisions to the State Bank of India and other notified banks .—[7] [(1)] Without prejudice to the provisions of the State Bank of India Act, 1955 (23 of 1955), or any other enactment, the provisions of sections 10, 13 to 15, 17,[8] [19 to 21A, 23 to 28, 29 [excluding sub-section (3)],[9] [29A][10] [sub-sections (1B), (1C) and (2) of section 30, 31], 34, 35, 35A,[11] [35AA, 35AB,] 36 [excluding clause (d) of sub-section (1)], 45Y to 45ZF, 46 to 48] 50, 52 and 53 shall also apply; so far as may be, to and in relation to the State Bank of India 12[or any corresponding new bank or a Regional Rural Bank or any subsidiary bank] as they apply to and in relation to banking companies: 13[Provided that— (a) nothing contained in clause (c) of sub-section (1) of section 10 shall apply to the chairman of the State Bank of India or to a[14] [managing director] of any subsidiary bank in so far as the said clause precludes him from being a director of, or holding an office in, any institution approved by the Reserve Bank; 1. The words, figures, letters and brackets "sections 17, 77, 83B, 86H, 91B and 91D and sub-section (5) of section 144 of the Indian Companies Act, 1913 (7 of 1913)" have successively been amended by Act 95 of 1956, s. 11, Act 33 of 1959, s. 34 and Act 55 of 1963, s. 27 to read as above. 2. Ins. by Act 33 of 1959, s. 35 (w.e.f. 1-10-1959). 3. Subs. by Act 55 of 1963, s. 28, for certain words (w.e.f. 1-2-1964). 4. Subs. by Act 95 of 1956, s. 12, for certain words (w.e.f. 14-1-1957). 5. Subs. by Act 37 of 1960, s. 8, for "and 36" (w.e.f. 19-9-1960). 6. Subs. by Act 79 of 1956, s. 43 and Sch. II, for s. 51 (w.e.f. 22-10-1956). 7. S. 51 renumbered as sub-section (1) thereof by Act 1 of 1984, s. 40 (w.e.f. 15-2-1984). 8. Subs. by s. 40, ibid. , for certain words (w.e.f. 15-2-1984). 9. Ins. by Act 4 of 2013, s. 13 (w.e.f. 18-1-2013). 10. Subs. by Act 66 of 1988, s. 10, for "31" (w.e.f. 30-12-1988). 11. Ins. by Act 30 of 2017, s. 3 (w.e.f. 4-5-2017). 12. Subs. by Act 1 of 1984, s. 40, for certain words (w.e.f. 15-2-1984). 13. Subs. by Act 38 of 1959, s. 64 and Sch. III, for the former proviso (w.e.f. 10-9-1959). 14. Subs. by Act 1 of 1984, s. 40, for "general manager" (w.e.f. 15-2-1984). 1[(b) nothing contained in sub-clause (iii) of clause (b) of sub-section (1) of section 20 shall apply to any bank referred to in sub-section (1), in so far as the said sub-clause (iii) of clause (b) precludes that bank from entering into any commitment for granting any loan or advance to or on behalf of a company (not being a Government company) in which not less than forty per cent. of the paid-up capital is held (whether singly or taken together) by the Central Government or the Reserve Bank or a corporation owned by that bank; and (c) nothing contained in section 46 or in section 47A shall apply to,— (i) an officer of the Central Government or the Reserve Bank, nominated or appointed as director of the State Bank of India or any corresponding new bank or a Regional Rural Bank or any subsidiary bank or a banking company; or (ii) an officer of the State Bank of India or a corresponding new bank or a Regional Rural Bank or a subsidiary bank nominated or appointed as director of any of the said banks (not being the bank of which he is an officer) or of a banking company.] 2* * * * * 3[(2) References to a banking company in any rule or direction relating to any provision of this Act referred to in sub-section (1) shall, except where such rule or direction provides otherwise, be construed as referring also to the State Bank of India, a corresponding new bank, a Regional Rural Bank and a subsidiary bank.] 4 [ 51A. Powers of Reserve Bank not to apply to International Financial Services Centre .— Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Reserve Bank under this Act,— (a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 (28 of 2005); (b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.]