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Section 3 – State Bank of India (Amendment) Act,2010

State Bank of India (Amendment) Act,2010

Section 3. Substitution of new section for Section 4

For Section 4 of the principal Act, the following section shall be substituted, namely

“4. Authorised capital. Subject to the provisions of this Act, the authorised capital of the State Bank shall be five thousand crores of rupees divided into five hundred crores of fully paid-up shares of ten rupees each:

Provided that the Central Board may reduce the nominal or face value of the shares, and divide the authorised capital into such denomination as it may decide with the approval of the Reserve Bank:

Provided further that the Central Government may, in consultation with the Reserve Bank, increase or reduce the authorised capital so however that the shares in all cases shall be fully paid-up shares.

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State Bank of India (Amendment) Act,2010

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