State Bank of India Act, 1955

The State Bank of India Act, 1955

भारतीय स्टेट बैंक अधिनियम, 1955

Rules Regulations Notifications Orders Circulars Ordinance Statutes

Act ID:	195523
Act Number:	23
Enactment Date:	1955-05-08
Act Year:	1955
Short Title:	The State Bank of India Act, 1955
Hindi Title:	भारतीय स्टेट बैंक अधिनियम, 1955
Long Title:	An Act to constitute a State Bank for India, to transfer to it the undertaking of the Imperial Bank of India and to provide for other matters connected therewith or incidental thereto.
Ministry:	Ministry of Finance
Department:	Department of Financial Services
Enforcement Date:	01-07-1955
Notification:	1st July, 1955, vide notification No. S.R.O. 1077, dated 14th May, 1955, see Gazette of India, Part II, sec. 3(ii)
Last Updated:	19-11-2018


Schedule 1. THE FIRST SCHEDULE. Order Appendix Forms
Schedule 2. THE SECOND SCHEDULE. Order Appendix Forms
Schedule 3. THE THIRD SCHEDULE. Order Appendix Forms
Schedule 4. THE FOURTH SCHEDULE. Order Appendix Forms
Schedule 5. THE FIFTH SCHEDULE. Order Appendix Forms

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Show all section The State Bank of India Act, 1955

CHAPTER I

PRELIMINARY

CHAPER II

INCORPORATION AND SHARE CAPITAL OF STATE BANK

CHAPTER III

TRANSFER OF UNDERTAKING OF THE IMPERIAL BANK TO STATE BANK

CHAPTER IV

SHARES

CHAPTER V

MANAGEMENT

CHAPTER VI

BUSINESS OF THE STATE BANK

CHAPTER VII

FUNDS, ACCOUNTS AND AUDIT

CHAPTER VIII

MISCELLANEOUS


Section 1. Short title and commencement.
Section 2. Definitions.
Section 3. Establishment of the State Bank.
Section 4. Authorised capital.
Section 5. Issued capital.
Section 6. Transfer of assets and liabilities of the Imperial Bank to the State Bank.
Section 7. Transfer of service of existing officers and employees of the Imperial Bank to the State Bank.
Section 8. Existing provident and other funds of the Imperial Bank.
Section 9. Compensation to be given to shareholders of Imperial Bank.
Section 10. Transferability of shares.
Section 10A. Right of registered shareholders to nominate.
Section 11. Restrictions on voting rights.
Section 12. Shares to be approved securities.
Section 13. Register of shareholders.
Section 13A. Register of beneficial owners.
Section 14. Omitted.
Section 15. Trusts not to be entered on the register of shareholders.
Section 16. Offices, branches and agencies.
Section 17. Management.
Section 18. Central Board to be guided by directions of Central Government.
Section 19. Composition of the Central Board.
Section 19A. Qualifications for election of directors elected by shareholders.
Section 19B. Power of Reserve Bank to appoint additional directors.
Section 20. Term of office of chairman, managing director, etc.
Section 21. Local Boards.
Section 21A. Term of office of members of Local Board.
Section 21B. Powers of Local Board.
Section 21C. Local Committees.
Section 22. Disqualifications for directorship of Central Board or membership of Local Boards or Committees.
Section 23. Vacation of office of directors, etc.
Section 24. Removal from office of directors, etc.
Section 24A. Suppression of Central Board in certain cases.
Section 25. Casual vacancies.
Section 26. Remuneration of directors.
Section 27. Powers and remuneration of chairman.
Section 28. Omitted .
Section 29. Powers and remuneration of managing director .
Section 30. Executive and other committees of the Central Board.
Section 31. Meetings of the Central Board.
Section 31A. Meetings of Local Boards.
Section 32. State Bank to act as agent of the Reserve Bank.
Section 33. Other business which the State Bank may transact.
Section 34. Business which the State Bank may not transact.
Section 35. State Bank may acquire the business of other Banks. Show Related Subordinates
Section 35A. Arrangement with the State Bank on appointment of directors to prevail.
Section 36. Integration and Development Fund.
Section 37. Reserve Fund.
Section 38. Disposal of profits.
Section 38A. Transfer of unpaid or unclaimed dividend.
Section 39. Books to be balanced each year.
Section 40. Returns.
Section 41. Audit.
Section 42. Balance sheet, etc., of State Bank may be discussed at general meeting.
Section 43. State Bank may appoint officers and other employees. Show Related Subordinates
Section 43A. Bonus.
Section 44. Obligation as to fidelity and secrecy.
Section 45. Bar to liquidation of State Bank.
Section 46. Indemnity of directors and members of Local Boards and Local Committees, etc.
Section 47. Defects in appointment or constitution not to invalidate acts or proceedings.
Section 48. Omi tted .
Section 49. Power of Central Government to make rules.
Section 50. Power of Central Board to make regulations. Show Related Subordinates
Section 51. Requirements of foreign law to be complied with in certain cases.
Section 52. Omitte d .
Section 53. Repealed .
Section 54. Repealed .
Section 55. No proceeding to lie in India against Imperial Bank after appointed day.
Section 56. References to the Imperial Bank, the Bank of Bengal, etc., in other laws.
Section 57. Dissolution of Imperial Bank, etc.


Schedule 1. THE FIRST SCHEDULE. Order Appendix Forms
Schedule 2. THE SECOND SCHEDULE. Order Appendix Forms
Schedule 3. THE THIRD SCHEDULE. Order Appendix Forms
Schedule 4. THE FOURTH SCHEDULE. Order Appendix Forms
Schedule 5. THE FIFTH SCHEDULE. Order Appendix Forms

Year	Description	Hindi Description	Files(Eng)	Files(Hindi)
01-01-1992	State Bank of India Officer's Service Rules, 1992
18-09-2014	SBI Employee Pension Regulations, 2014

Year	Description	Hindi Description	Files(Eng)	Files(Hindi)
08-06-1955	State Bank of India Act, 1955 - Updated as on July 2017
08-06-1955	State Bank of India Act, 1955 - Updated as on April 2019
13-08-2008	Acquisition Order- State Bank of Saurashtra - 2008
19-09-2008	State Bank of India Appointment of Employee Directors (Amendment) Rules 2008
28-07-2010	Acquisition of State Bank of Indore Order - 2010
03-03-2014	State Bank of India General (Amendment) Regulations, 2013
15-09-2014	State Bank of India Employees Pension Fund Regulations - 2014
20-08-2015	State Bank of India Employees Provident Fund Regulations - 2015
01-04-2017	Acquisition of Bharatiya Mahila Bank Order - 2017
01-04-2017	Acquisition of Associate Banks of State Bank of India Order 2017
24-04-2017	State Bank of India General (Amendment) Regulations - 2017
04-10-2017	State Bank of India Employees Pension Fund Amendment Regulations - 2017
01-04-2019	State Bank of India General (Amendment) Regulations 2019

Schedule 1. THE FIRST SCHEDULE.

Schedule 2. THE SECOND SCHEDULE.

Schedule 3. THE THIRD SCHEDULE.

Schedule 4. THE FOURTH SCHEDULE.

Schedule 5. THE FIFTH SCHEDULE.