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Schedule 3 – The State Bank of India Act,1955

The State Bank of India Act,1955

Schedule 3

THE THIRD SCHEDULE

(See section 52)

AMENDMENTS TO THE RESERVE BANK OF INDIA ACT,1934 (2 of 1934)

Section 2.After clause (e), insert the following, namely:-

“(ee) ‘State Bank’ means the State Bank of India constituted under the State Bank of India Act,1955,”.

Section 10.in clause (e) of sub-section (1), for the words “other than a bank”, substitute the following, namely:-

“Other than the State Bank or any of its subsidiary banks or a bank”.

Section 17.

(1) After clause (8), insert the following, namely:-

“(8A) The purchase and sale of shares in, or the capital of the State Bank or any of its subsidiary banks.”.

(2) For clause (15A), substitute the following, namely:-

“(15A) The exercise of powers and functions and the performance of duties entrusted to the Bank under this Act or under any other law for the time being in force;”.

Section 42.

(i) In the Explanation to sub-section (1), for the words “the Reserve Bank or the imperial Bank of India” substitute “the Bank, the State Bank or any other bank notified by the Central Government in this behalf”.

(ii) In clauses (a) and (aa) of sub-section (2) for the words ” the Imperial Bank of India” substitute “the State Bank and any other bank notified by the Central Government in this behalf”.

For section 45, substitute the following, namely:-

“45. Obligation to appoint State Bank as agent.

Unless otherwise directed by the Central Government with reference to any place, the Bank shall appoint the State Bank as its sole agent at all places in India where it does not have an office or branch of the banking department and there is a branch of the State Bank:

Provided that nothing herein contained shall affect the provisions of any agreement subsisting on the day on which the State Bank of India Act,1955, comes into force between the Bank and any other banking institution for the conduct of Government business or other matters in a Part B State.”.

THE SECOND SCHEDULE.For the word “Imperial Bank of India” substitute “State Bank of India”.Omit the Third Schedule.

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The State Bank of India Act,1955

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