The State Bank of India Act,1955
Section 27. Powers and remuneration of chairman
(1) The chairman shall preside at all meetings of the Central Board and, subject to such general or special directions as the Central Board may give, exercise all such powers and do all such acts and things as may be exercised or done by the State Bank.
(2) The chairman shall receive such salary, fees, allowances and perquisites as may be determined by the Central Board with the approval of the Central Government:
Provided that in respect of the first chairman, the Central Government may determine his salary, fees, allowances and perquisites.
